Table 19-12

-Refer to Table 19-12. 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 19-12
 
-Refer to Table 19-12. 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

Real GDP is calculated using a base year, which in this case is 2009. The table shows the nominal GDP values for various years, as well as the corresponding GDP deflators (used to adjust for inflation and calculate real GDP). The GDP deflator for 2009 is 100, indicating that it is the base year.

Table 19-12 -Refer to Table 19-12. Consider the Following Data on Nominal