A Base Year Is a Year When

question 92

Multiple Choice

A base year is a year when

• A)real GDP equals 100.
• B)nominal GDP equals 100.
• C)real and nominal GDP are equal to each other.
• D)there is no growth in real GDP.
• E)there is no growth in nominal GDP.

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Definitions:

Opportunity Cost

The bypassing of possible gains from a range of alternatives by committing to one choice.

Attraction

The act or capability of drawing interest or desire, often used in reference to magnetic, physical, or emotional appeal between individuals or objects.

Driving Miles

A measure of distance traveled by vehicles, often used to assess fuel consumption or travel costs.

Equality

The state of being equal, especially in status, rights, opportunities, or distribution of wealth.