If Nominal GDP Increased from $4,500 Billion in 2010 to $5,000

question 78

Multiple Choice

If nominal GDP increased from $4,500 billion in 2010 to $5,000 billion in 2011 and the GDP deflator increased from 100 to 105 over the same time period, what would the 2011 real GDP equal expressed in terms of 2010 dollars?

• A)​$4,285 billion
• B)​$4,500 billion
• C)​$4,725 billion
• D)​$4,762 billion

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Definitions:

Labor Force

The total number of people who are eligible and willing to work, including both employed and unemployed individuals.

Number of Employed

A metric that signifies the total count of people within an economy who are currently engaged in paid employment or self-employed.

Number of Unemployed

The total count of individuals who are actively seeking work but are currently without a job.

Labor-force Participation Rate

The percentage of the working-age population that is active in the labor market, either employed or actively seeking employment.