SECTION A: MULTIPLE CHOICE QUESTIONS (30%, each question 2%) Answer ALL questions in this section. Choose the one alternative that bestcompletes the statement or answers the question. Please answer questions byshading the appropriate box on the MCQ form (Multiple Choice answer sheet). 1.An economy's ______ equals its ______.
2.When a firm sells a product out of inventory, GDP:
3.Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 5 in 2009, then the GDP deflator in 2009, using a base year of2002, was approximately: