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Question 1 If real gross domestic product (GDP) grew by 2 percent and the inflation rate...

Question 1

If real gross domestic product (GDP) grew by 2 percent and the inflation rate was 2 percent, then nominal GDP grew by

1 percent.
2 percent.
0 percent.
3 percent.
4 percent

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the following questions. Assume that the base year is 2012.

Good 2012 Price 2012 Quantity 2013 Price 2013 Quantity
A $2.00 500 $2.50 600
B $4.00 1,000 $5.00 900
C $2.00 200 $1.00 300



2.What was the gross domestic product (GDP) deflator in 2013?

119.44
108.57
100
102.38
116.67

3.

The long-run average growth rate of real gross domestic product (GDP) in the U.S. economy is about

2 percent.
1 percent.
10 percent.
5 percent.

3 percent.

3.

Gross domestic product (GDP) is an important indicator because it is used as a measure of all of the following EXCEPT

economic growth.
average living standards.
environmental quality.
average income levels.
business-cycle fluctuations
business   economics   
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