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:

Cash Advance

A short-term loan from a bank or alternative lender, often accessed through a credit card.

Assets

Resources owned or controlled by a business, expected to produce economic value or future benefits for the company.

Owner's Equity

The amount of ownership interest that the owner of a sole proprietorship or partners in a partnership have in their business, similar to stockholders' equity in a corporation.

Journal Format

A structured way of recording financial transactions in chronological order, typically used in bookkeeping and accounting.