If in Some Year Nominal GDP Was $10 Trillion and Real

question 12

Multiple Choice

If in some year nominal GDP was $10 trillion and real GDP was $4 trillion,what was the GDP deflator?

• A)25.
• B)40.
• C)250.
• D)400.

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Definitions:

Annual Rate

The interest rate for a period of one year, commonly used to compare investment or loan opportunities.

Market Basket

A selected set of goods and services used to track the price level or inflation in an economy.

Production Sector

An economic segment focused on the production of goods and services, including manufacturing and construction.

Consumption Sector

The part of an economy that represents the total spending of consumers on goods and services for personal use.