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Suppose that for the United States, nominal GDP is $18 trillion for 2016. Assume further that the price of the market basket in 2018 is
Suppose that for the United States, nominal GDP is $18 trillion for 2016. Assume further that the price of the market basket in 2018 is $3,200 whereas the same market basket in the year 2000 fetched a price of $2,000. If the year 2000 is the base year, what is real GDPin 2016(rounded to the nearest trillion)?
A. $40.9
B $28.8
C $11.25
D $7
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Basic Business Statistics Concepts And Applications
Authors: Mark L. Berenson, David M. Levine, Timothy C. Krehbiel
12th Edition
132168383, 978-0132168380
