In the base year, the GDP deflator is always
a. -1.
b. 0.
c. 1.
d. 100.
d
You might also like to view...
Ryan saved $50,000 last year in his bank account so that he could buy a car this year. In this case, money served the function of a ________
A) unit of account B) means of deferred payment C) store of value D) medium of exchange
When considering international trade, which of the following would be most conducive to domestic economic growth?
A) a closed economy B) an economy in which its domestic industries are protected by tariffs C) an economy with free and open markets to the outside world D) an economy in which most decisions are made by a central governmental authority
Given whatever income they have, consumers make consumption choices to maximize the
a. total utility of the goods they consume b. marginal utility of the goods they consume c. average utility of each good they consume d. number of goods they buy e. prices of goods they buy
In order to avoid the imposition of other types of trade barriers, foreign producers will sometimes agree to voluntary export restraints. With voluntary export restraints, foreign producers
A) agree to meet specific quality standards required by the importing country. B) limit their exports to a country. C) pay a tax on all products they export. D) must agree to import an equal quantity of products that they export.