Suppose Nominal GDP Was $360 Billion in 2002 and $450

question 39

Multiple Choice

Suppose nominal GDP was $360 billion in 2002 and $450 billion in 2012.The appropriate price index was 100 in 2002 and 120 in 2012.It can be concluded that between 2002 and 2012 real GDP:

• A) increased by about $15 billion.
• B) decreased by about $32 billion.
• C) increased by about $90 billion.
• D) increased by about $117 billion.

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Definitions:

Bypasses

Routes that are taken to avoid something or to ease congestion; in a metaphorical sense, can refer to methods used to circumvent problems or challenges.

Smell

The sense that enables the detection of odors, which is mediated by the olfactory system.

Pituitary Gland

A small, pea-sized gland located at the base of the brain, crucial for regulating vital body functions and general well-being through the secretion of hormones.

Endocrine Gland

A gland in the body that releases hormones directly into the bloodstream to regulate various bodily functions.