Multiple Choice
The reference base year is 2017. To calculate the chained- dollar real GDP in 2018 we calculate
A) the value of the final goods and services produced in 2018 valued at the prices that prevailed in 2018.
B) the value of final goods and services produced in the base year valued at the 2018 prices.
C) the value of the final goods and services produced in 2018 valued at the prices that prevailed in the base year.
D) the base- year GDP and add the average of the increases in real GDP calculated using 2017 prices and 2018 prices.
E) nominal GDP in 2018 multiplied by price level.
Correct Answer:
Verified
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