Table 23-6 The Table Below Contains Data for the Country of Batterland

question 381

Multiple Choice

Table 23-6
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013 .
Prices and Quantities
-Refer to Table 23-6. In 2011, this country's nominal GDP was

• A)$260.
• B)$440.
• C)$620.
• D)$760.

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Definitions:

Measurement Differences

Discrepancies that arise when comparing or converting financial information due to differing methodologies, assumptions, or standards.

IFRS

A collection of accounting norms established by the International Accounting Standards Board (IASB) known as International Financial Reporting Standards, which direct the global preparation of financial statements.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a standard framework of accounting rules for financial reporting.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) for international use.