If Chain-Weighted Increases in Real GDP for 2002-03,2003-04,2004-05,2005-06,and 2006-07 Are

question 45

Multiple Choice

If chain-weighted increases in real GDP for 2002-03,2003-04,2004-05,2005-06,and 2006-07 are 5%,4%,2%,1%,and 3% respectively,and nominal GDP in the 2002 base year is $6244.4 billion,then chain-weighted real GDP for 2007 is

• A)$6987.02 billion.
• B)$7,181.06 billion.
• C)$7235.6 billion.
• D)$7239.0 billion.

---

Definitions:

Just-In-Time Purchasing

An inventory management strategy where materials are ordered and received just as they are needed in the production process, minimizing stock levels.

Electronic Data Interchange (EDI)

A system for exchanging business documents in a standardized electronic format between organizations.

Minimal Inspection

A quality control strategy where only a minimal or limited amount of inspection is carried out to ensure product quality.

Lead Time

The amount of time that passes between the commencement of a process and its completion, often used in the context of production and supply chain management.