31.IfinsomeyearnominalGDPwas$18billionandtheGDPdeflatorwas120,whatwasrealGDP?
a.$6.7billion.
b.$15 billion.
c.$21.6billion.
d.$38 billion.
32.IfinsomeyearnominalGDPwas$20billionandtheGDPdeflatorwas50,whatwasrealGDP?
a.$2.5billion.
b.$10 billion.
c.$40 billion.
d.$100billion.
33.IfinsomeyearnominalGDPwas$10trillionandrealGDPwas$4trillion,whatwastheGDPdeflator?
a.25.
b.40.
c.250.
d.400.
34.IfinsomeyearnominalGDPwas$28trillionandrealGDPwas$32trillion,whatwastheGDPdeflator?
a.87.5.
b.114.3.
c.400.
d.896.
35.AneconomyrecentlyreportednominalGDPof3trillioneuroandaGDPdeflatorof200.WhatwasrealGDP?
a.1.5trillioneuro,andrealGDPisabettergaugeofeconomicactivitythannominalGDP.
b.1.5trillioneuro,butnominalGDPisabettergaugeofeconomicactivitythanrealGDP.
c.6trillioneuro,andrealGDPisabettergaugeofeconomicactivitythannominalGDP.
d.6trillioneuro,butnominalGDPisabettergaugeofeconomicactivitythanrealGDP.
36.IfnominalGDPis$12trillionandrealGDPis$10trillion,thentheGDPdeflatoris
a.83.33,andthisindicatesthatthepricelevelhasdecreasedby16.67percentsincethebaseyear.
b.83.33,andthisindicatesthatthepricelevelhasincreasedby83.33percentsincethebaseyear.
c.120,andthisindicatesthatthepricelevelhasincreasedby20percentsincethebaseyear.
d.120,andthisindicatesthatthepricelevelhasincreasedby120percentsincethebaseyear.
37.IfnominalGDPis$10trillionandrealGDPis$12trillion,thentheGDPdeflatoris
a.83.33,andthisindicatesthatthepricelevelhasdecreasedby16.67percentsincethebaseyear.
b.83.33,andthisindicatesthatthepricelevelhasincreasedby83.33percentsincethebaseyear.
c.120,andthisindicatesthatthepricelevelhasincreasedby20percentsincethebaseyear.
d.120,andthisindicatesthatthepricelevelhasincreasedby120percentsincethebaseyear.
38.IfnominalGDPis$10trillionandrealGDPis$8trillion,thentheGDPdeflatoris
a.80,andthisindicatesthatthepricelevelhasdecreasedby20percentsincethebaseyear.
b.80,andthisindicatesthatthepricelevelhasincreasedby80percentsincethebaseyear.
c.125,andthisindicatesthatthepricelevelhasincreasedby25percentsincethebaseyear.
d.125,andthisindicatesthatthepricelevelhasincreasedby125percentsincethebaseyear.
39.IfnominalGDPis$8trillionandrealGDPis$10trillion,thentheGDPdeflatoris
a.80,andthisindicatesthatthepricelevelhasdecreasedby20percentsincethebaseyear.
b.80,andthisindicatesthatthepricelevelhasincreasedby80percentsincethebaseyear.
c.125,andthisindicatesthatthepricelevelhasincreasedby25percentsincethebaseyear.
d.125,andthisindicatesthatthepricelevelhasincreasedby125percentsincethebaseyear.
40.Supposeaneconomy’sproductionconsistsonlyofcornandsoybeans.In2010,20bushelsofcornaresoldat$4perbusheland10bushelsofsoybeansaresoldat$2perbushel.In2009,thepriceofcornwas$2perbushelandthepriceofsoybeanswas$1perbushel.Using2009asthebaseyear,itfollowsthat,for2010,
a.nominalGDPis$50,realGDPis$100,andtheGDPdeflatoris50.
b.nominalGDPis$50,realGDPis$100,andtheGDPdeflatoris200.
c.nominalGDPis$100,realGDPis$50,andtheGDPdeflatoris50.
d.nominalGDPis$100,realGDPis$50,andtheGDPdeflatoris200.
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