Table 19-12 -Refer to Table 19-12.Consider the Following Data on Nominal GDP

question 55

Multiple Choice

Table 19-12

-Refer to Table 19-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars) : The GDP deflator for 2010 equals

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

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Definitions:

Cost Curves

Graphical representations that show how the cost of producing a good or service varies with the quantity produced.

Total Fixed Costs

The sum of all costs required to produce any level of output that does not change with the amount produced, such as rent or salaries.

Marginal Costs

The surcharge associated with the fabrication of an additional unit of a good or service.

Short-Run Supply Schedule

The Short-Run Supply Schedule illustrates how much of a good or service producers are willing to supply at different price levels within a short time frame.