(Table) According to the table, nominal GDP for 2013 is approximately: $$\begin{array} { | l | c | c | c | }
\hline & \mathbf { 2 0 1 2 } & \mathbf { 2 0 1 3 } & \mathbf { 2 0 1 4 } \
\hline \text { Nominal GDP (billions of S) } & 7,280 & & 8,000 \
\hline \text { Real GDP (billions of S) } & 7,280 & 7,425 & \
\hline \text { GDP deflator } & & 103.6 & 106.1 \
\hline
\end{array}$$
A) $7,292 billion.
B) $7,492 billion.
C) $7,692 billion.
D) $7,892 billion.

Question

(Table) According to the table, nominal GDP for 2013 is approximately: $$\begin{array} { | l | c | c | c | } 
\hline & \mathbf { 2 0 1 2 } & \mathbf { 2 0 1 3 } & \mathbf { 2 0 1 4 } \
\hline \text { Nominal GDP (billions of S) } & 7,280 & & 8,000 \
\hline \text { Real GDP (billions of S) } & 7,280 & 7,425 & \
\hline \text { GDP deflator } & & 103.6 & 106.1 \
\hline
\end{array}$$
A) $7,292 billion.
B) $7,492 billion.
C) $7,692 billion.
D) $7,892 billion.

Quizplus · Accepted Answer

To find the nominal GDP for 2013, use the formula: Nominal GDP = Real GDP × (GDP Deflator / 100). For 2013, this is 7,425 × (103.6 / 100) = 7,692 billion.

(Table) According to the Table, Nominal GDP for 2013 Is