Table 8-12

-Refer to Table 8-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is
A)2008.
B)2009.
C)2010.
D)2011.

Question

Table 8-12
 
-Refer to Table 8-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is
A)2008. 
B)2009. 
C)2010. 
D)2011.

Quizplus · Accepted Answer

The base year is the year in which the price level is set to 100. In this case, the price level in 2009 is set to 100, so 2009 is the base year.

Table 8-12 -Refer to Table 8-12.Consider the Following Data on Nominal GDP