The Base Year Refers to the Year Whose

question 47

Multiple Choice

The base year refers to the year whose:

• A) prices are used to calculate real GDP for all years.
• B) levels of output are used to calculate the real GDP for all years.
• C) prices are used to calculate nominal GDP for all years.
• D) levels of output are used to calculate the nominal GDP for all years.

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Definitions:

Fertilization

The union of a sperm cell with an egg cell, leading to the formation of a zygote and the initiation of embryonic development.

Pollination

The process of transferring pollen from the male part of a flower to the female part, resulting in the fertilization and production of seeds.

Seed

A seed is the reproductive unit of a flowering plant, encapsulating an embryo and nutrients for germination, potentially growing into a new plant.

Dormancy

A period in an organism's life cycle when growth, development, and physical activity are temporarily stopped to conserve energy during unfavorable environmental conditions.