Truscan's Nominal GDP Rose by 7% Between 2016 and 2017

question 172

Multiple Choice

Truscan's nominal GDP rose by 7% between 2016 and 2017.If its inflation rate was 2%,by how much did its real GDP increase?

• A)1.4%
• B)5%
• C)9%
• D)14%

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Definitions:

Primary Circular Reactions

Early infantile behaviors that repeat because the infant finds them pleasurable, typically developing between 1 and 4 months of age.

Reflexive Schemas

Cognitive structures that enable individuals to reflect on, adjust, and organize their thoughts and experiences.

Goal-directed Behavior

Actions taken with the intention of achieving a specific outcome or objective.

Assimilation

In Piaget’s theory, the process by which new experiences are interpreted and integrated into preexisting schemas.