Suppose That 1986 Is Our Base Year (Price Index Equals

question 60

Multiple Choice

Suppose that 1986 is our base year (price index equals 100) and that the 2000 price index was 200.If nominal GDP was $6.2 trillion in 2000,what was real GDP that year (measured in 1986 dollars) ?

• A)$3.1 trillion
• B)$6.2 trillion
• C)$12.4 trillion
• D)$18.6 trillion
• E)$24.3 trillion

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Definitions:

Lifestyles

The way a person or group lives, including their behaviors, attitudes, and values, which are often influenced by cultural, social, and economic factors.

Achieved Status

A social position that a person earns or chooses based on their actions, efforts, and skills, contrasted with ascribed status which is born into.

Material Wealth

The abundance of physical, tangible assets and resources owned by an individual or collective, often used as a measure of economic success or standard of living.

Social Class

A division of a society based on social and economic status, affecting people's lifestyles, attitudes, and behaviors.