Multiple Choice
Use the table below to answer the following questions.
Table 20.4.1
-The reference base year is 2011. To calculate the chained-dollar real GDP in 2012 we calculate
A) the value of the final goods and services produced in 2012 valued at the prices that prevailed in 2012.
B) the value of the final goods and services produced in 2012 valued at the prices that prevailed in the base year.
C) nominal GDP in 2012 multiplied by price level.
D) the value of final goods and services produced in the base year valued at the 2012 prices.
E) the base-year GDP and add the average of the increases in real GDP calculated using 2011 prices and 2012 prices.
Correct Answer:
Verified
Correct Answer:
Verified
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