18. The inflation rate in year 2 equalsa.b.c.d.ANS: A DIF: 1 REF: 23-4 NAT: Analytic LOC: Unemployment and inflation TOP: Inflation MSC: Definitional....

1608 Chapter 23 /Measuring a Nation's Income 19. If real GDP doubles and the GDP deflator doubles, then nominal GDP20. If nominal GDP doubles and the GDP deflator doubles, then real GDP21. In the economy of Wrexington in 2008, real GDP was $5 trillion and the GDP deflator was 200. What was Wrexington’s nominal GDP in 2008?22. In the economy of Wrexington in 2008, real GDP was $25 billion and the GDP deflator was 68. What was Wrexington’s nominal GDP in 2008?a.$2.72 billionb.$17 billionc.$36.8 billiond.$43 billionANS: B DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Nominal GDP MSC: Applicative23. In the economy of Wrexington in 2008, nominal GDP was $18 billion and the GDP deflator was 120. What was Wrexington’s real GDP in 2008?24. In the economy of Wrexington in 2008, nominal GDP was $20 billion and the GDP deflator was 50. What was Wrexington’s real GDP in 2008?

Chapter 23 /Measuring a Nation's Income 1609 25. In the economy of Wrexington in 2008, nominal GDP was $10 trillion and real GDP was $4 trillion. What was Wrexington’s GDP deflator in 2008?26. In the economy of Wrexington in 2008, nominal GDP was $28 trillion and real GDP was $32 trillion. What was Wrexington’s GDP deflator in 2008?a.87.5b.114.3c.400d.896ANS: A DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP deflator MSC: Applicative

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