Nominal GDP in 2006 Was $13,458

question 107

Multiple Choice

Nominal GDP in 2006 was $13,458.2 billion.The GDP deflator uses 2000 as the base year.In 2006,the GDP deflator was 116.9.What was the real GDP for 2006?

• A) $15,732.6 billion
• B) $15,746.1 billion
• C) $11,512.6 billion
• D) $11,522.5 billion

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Definitions:

Employment

A formal relationship between an individual and an employer where the individual performs tasks in exchange for compensation, such as salary or wages.

Economy's Ability

Refers to the capacity of an economy to produce goods and services, generate employment, and sustain economic growth.

Generate Wealth

The process of creating financial abundance through various means such as entrepreneurship, investment, or innovation.

Business Cycle

The fluctuations in economic activity that an economy experiences over a period, characterized by periods of expansion and contraction.