Table 19-15 -Refer to Table 19-15

question 217

Multiple Choice

Table 19-15
$$\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal } \\\text { GDP }\end{array} & \text { Real GDP } \\\hline 2014 & \$ 13,399 & \$ 12,976 \\\hline 2015 & 14,078 & 13,254 \\\hline 2016 & 14,441 & 13,312 \\\hline\end{array}$$
-Refer to Table 19-15.Consider the following data on nominal GDP and real GDP (values are in billions of dollars) : The GDP deflator for 2015 equals

• A)94.1.
• B)105.1.
• C)106.2.
• D)108.5.

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Definitions:

GATT Negotiations

Series of negotiations under the General Agreement on Tariffs and Trade aimed at reducing trade barriers and promoting international trade.

Intellectual Property Rights

Legal rights granted to creators and inventors to protect their inventions, literary and artistic works from unauthorized use.

WTO

The World Trade Organization, an international body that deals with the rules of trade between nations, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.

Agricultural Commodities

Products derived from farming and agriculture that are traded, sold, and used as staples in food supply chains.