Table 8-15 -Refer to Table 8-15.Consider the Following Data on Nominal GDP

question 149

Multiple Choice

Table 8-15

-Refer to Table 8-15.Consider the following data on nominal GDP and real GDP (values are in billions of dollars) : The GDP deflator for 2012 equals

• A)94.1.
• B)105.1.
• C)106.2.
• D)108.5.

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Definitions:

Output Levels

Quantities of products or services produced within a given timeframe, reflecting the scale of a company's or industry's production.

Spreading

The practice of diversifying investments or risks to minimize potential losses.

Average Variable Cost

The total variable costs of production divided by the quantity of output produced, representing the cost per unit of output.

Total Cost

The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.