Consider the Following Data, Where GDP Values Are Measured in Millions

question 21

Multiple Choice

Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions:

-What is the value of nominal GDP in 2012? Round to the nearest second decimal.

• A) $480.60 million
• B) $955.50 million
• C) $1,146.60 million
• D) $500.50 million
• E) $720.72 million

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Definitions:

Trade Balance

The variance between what a nation sells and buys from abroad in terms of goods and services.

National Saving

The total amount saved by a nation's households and businesses, plus government budget surplus, which can be used for investment.

Open-Economy Macroeconomic Model

A model that analyzes an economy that engages in international trade, considering the impact of exports, imports, and capital flows.

Tariffs

Tariffs are taxes imposed by a government on imported goods and services to protect domestic industries, raise revenue, or influence trade balance.