Refer to Table 13 -Refer to Table 13

question 40

Multiple Choice

Refer to Table 13.2 for the following questions.
Table 13.2
$$\begin{array} { | l | c | c | } \hline & \mathbf { 2 0 1 7 } & \mathbf { 2 0 1 8 } \\\hline \text { Nominal GDP } & \$ 12000 & \$ 13000 \\\hline \text { Real GDP } & \$ 9500 & \$ 10500 \\\hline\end{array}$$
-Refer to Table 13.2.Calculate the rate of increase in the price level from 2017 to 2018.

• A) 1.6%
• B) 2.9%
• C) -2.9%
• D) -1.6%

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Definitions:

Power Cords

Electrical cables specifically designed to connect an appliance or device to the main electricity supply, enabling it to operate.

Median Earnings

The middle value of income distribution, where half of the population earns more and half earns less.

Labor Market

The supply and demand for labor, where employers seek to hire workers, and individuals offer their work for wages.

Median Earnings

The middle value of earnings in a given demographic, geographical area, or profession, with an equal number of individuals earning more and less than this amount.