Suppose you are given the following data:
|
Nominal GDP for 2013
|
$700,000
|
|
GDP Deflator for 2013
|
120
|
What is the real GDP for 2013?
1. Less than $400,000
2. Between $400,000 and $550,000
3. Between $550,000 and $700,000
4. Between $700,000 and $850,000
5. Greater than $850,000