Answered: The value of the gross domestic product…

The value of the gross domestic product in 2000, in terms of 1990 prices, was (A) $600. (B) $700. (C) $1,000. (D) $1,200. (E) $1,300.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

GDP
Price Deflator
Index
GDP
Price Deflator
Index
Current or
Nominal
YEAR
GDP
(1990 = 100)
(2000 = 100)
%3D
1990
$500
100
2000
$1,200
200
100
The value of the gross domestic product in
2000, in terms of 1990 prices, was
(A) $600.
(B) $700.
(C) $1,000.
(D) $1,200.
(E) $1,300.
15. If 2000 were made the base for the GDP
year
price deflator index, the value of the index
number for 1990 (rounded to the nearest
whole number) would be
ITATTT
(A) zero.
(B) 42.
(C) 142.
(D) 212.
(E) 256.

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