The nation of Turboland produces only two goods, X and Y. The prices and final quantities produced of the two goods in 1993 and the base year of 1992 are shown in the table. What are the nominal GDP and real GDP in 1993?
A.
Nominal GDP is $90, Real GDP is $96
B.
Nominal GDP is $74, Real GDP is $96
C.
Nominal GDP is $70, Real GDP is $96
D.
Nominal GDP is $96, Real GDP is $90
2.
In 2016 the nominal GDP for Foustland was $330 billion and the GDP deflator was 110. The real GDP for 2016 was:
A.
$110 billion
B.
$220 billion
C.
$300 billion
D.
$330 billion
3.
Which of the following is true about the real GDP?
A.
It measures aggregate output using current prices.
B.
It measures aggregate output using constant prices.
C.
It is greater than nominal GDP when the GDP deflator is greater than 100.
D.
It is equal to nominal GDP multiplied by the GDP deflator.
4.
What is the value of the GDP deflator in the base year?
A.
0
B.
1
C.
100
D.
200
5.
According to the data, in which year was real gross domestic product (GDP) the largest?
A.
1980
B.
1990
C.
2010
D.
2015
6.
Assume that nominal GDP is $14,000, and the GDP deflator is 70. What is the value of real GDP?
A.
$9,800
B.
$14,000
C.
$20,000
D.
$22,000
7.
Which of the following is an alternative measure of the price level?
A.
GDP deflator
B.
The natural rate of unemployment
C.
Real GDP
D.
Nominal GDP
8.
Which of the following best indicates the actual amount of final goods and services produced in a country in a year?
A.
Nominal GDP
B.
Real GDP
C.
True GDP
D.
GDP deflator
9.
Assume that real GDP remains unchanged, and nominal GDP triples. Which of the following must be true?
