Let's consider some data on nominal GDP and GDP price deflator from the Federal Reserve Database: Nominal GDP (billions of dollars)GDP price...

Let's consider some data on nominal GDP and GDP price deflator from the Federal Reserve Database:

 Nominal GDP (billions of dollars)GDP price deflatorJanuary 1, 2018$20041.047109.371

Using the data in the table above, real GDP is equal to $__________.

18323.91

None of these are correct

15680.94

183.24

2191909.35

Flag this Question

Question 18

3 pts

During the 1973-1975 recession, GDP growth was about -3% and the percent change in prices was about 13%. This combination of GDP growth and percent change in prices is referred to as:

None of these are correct

inflation

stagflation

recession

deflation

Flag this Question

Question 19

3 pts

Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness?

underemployment

discouraged workers

All of these are correct

marginally attached workers