If Nominal GDP Is $8 Trillion and Real GDP Is

question 157

Multiple Choice

If nominal GDP is $8 trillion and real GDP is $6 trillion, the GDP deflator is

• A) 48.
• B) 75.
• C) 133.33.
• D) 480.

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Definitions:

Significant Change

An alteration that has a major impact on a company, industry, or market, often requiring adjustments to operations or strategies.

Consumers' Desire

The willingness or inclination of consumers to purchase goods and services based on their preferences and needs.

Allocation Of Resources

The process of distributing available resources among various competing needs or projects in an economy.

Five Fundamental Questions

The five fundamental questions refer to key economic questions any economy faces about what goods to produce, how to produce them, for whom to produce, how to accommodate change, and how to promote innovation.