If in Some Year Real GDP Was $5 Trillion and the GDP

question 33

Multiple Choice

If in some year real GDP was $5 trillion and the GDP deflator was 200,what was nominal GDP?

• A)$2.5 trillion.
• B)$10 trillion.
• C)$40 trillion.
• D)$100 trillion.

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Definitions:

Union Security

Agreements or practices that ensure the financial and membership stability of labor unions, typically involving arrangements like union shops or agency shops in workplace policies.

Compulsory Membership

A requirement for individuals to join a particular organization or group, often seen in unions or professional associations.

Dues Checkoff

A process where an employer automatically deducts union dues from the workers' paychecks and transfers them to the union.

Grievance Procedure

A formalized process through which employees can report complaints or disputes to be investigated and resolved by the organization, often related to workplace policies or treatment.