Suppose that for the United States, nominal GDP is $18 trillion for 2016. Assume further that the

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Question:

Suppose that for the United States, nominal GDP is $18 trillion for 2016. Assume further that the price of the market basket in 2018 is $3,200 whereas the same market basket in the year 2000 fetched a price of $2,000. If the year 2000 is the base year, what is real GDPin 2016(rounded to the nearest trillion)?

A. $40.9

B $28.8

C $11.25

D $7