Answer the Question(s)based on the Following Data,using Year 1 as the Base

question 151

Multiple Choice

Answer the question(s) based on the following data,using year 1 as the base year.All dollars are in billions.

-Refer to the above data.Real GDP in year 2 was approximately:

• A) $3,245 billion.
• B) $3,271 billion.
• C) $3,295 billion.
• D) $3,402 billion.

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Definitions:

Freight-In

The cost associated with transporting goods into a place of business, usually considered part of the inventory cost.

Credit Sales

Transactions where goods or services are sold by a business and payment is received at a later date.

List Prices

List prices refer to the advertised or official price of a product before any discounts or reductions are applied.

Trade Discounts

Discounts from the list prices in published catalogs or special discounts offered to certain classes of buyers.