QUESTION 17 QUESTION 15 Price 1. In an economy, Real GDP for year 2010 (base year = 2001) is $400 billion and the $20 GDP deflator 2010 (base year = 2001) is 110. Calculate the Nominal GDP for 2010. 18 O a. $ 4400 billion 16 O b. $ 510 billion 14 O c. $440 billion O d. $280 billion QUESTION 16 0 10 20 30 40 50 60 70 80 90 100 Quantity QUESTION 16 .According to the graph shown, a binding price ceiling would exist at a price of Year Nominal GDP GDP Deflator $14.00. (in billions) (base year 1997) -$12.00. 2000 10,453 121 - $10.00. 2001 11,115 124 - $ 8.00 2002 11,990 125 O a. $8.00 What was the approximate percentage change in real GDP between 2000 and 2002? O b. $10.00. O c. $14.00 O a. 7.0 percent O d. $12.00. O b. 18% C.A 11.0 percent O d. 11.0 percent QUESTION 18 1. U.S. GDP in 2002 is 400,000. O e. 4.0 percent John, a U.S. citizen, works in London and earns 30,000. O f. 14.7 percent Jamie, a Canadian citizen, works in Chicago and earns 40,000. Rita, a U.S. citizen, owns an apartment in Beijing which she rents to a Chinese family for 20,000. Arnold, a Korean citizen, owns a warehouse in New York City which he rents to a U.S. firm for 70,000. What is U.S. GNP in 2002? O a. 390,000 O b. 460,000 O a. 350,000 O d. 410,000 O e. 340,000