The Base Year Is 2011

question 196

Multiple Choice

The base year is 2011.A country only produces Blu-ray players.The price of a Blu-ray player in 2011 was $100.The price of a Blu-ray player was $90 in 2012.The quantity of Blu-ray players produced in 2011 was 10,000 units and in 2012 was 10,500 units.Nominal GDP in 2012 equals

• A)$900,000.
• B)$945,000.
• C)$1,000,000.
• D)$1,050,000.
• E)an amount that cannot be determined without information about nominal GDP in 2008.

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Definitions:

Social Rules

Guidelines and norms that dictate acceptable behavior within a society or group, influencing how individuals interact and coexist with one another.

Personal Space

The boundary an individual has to keep out uncomfortable physical contact, or unsafe and unwanted words and images.

Ideals

Representations of perfect or highly desirable standards or principles that individuals or societies strive to achieve.

Social Service Organization

An entity designed to provide assistance and support to individuals and communities in need, offering services such as counseling, food aid, and shelter.