If real GDP is 5,100 and nominal GDP is 4,900, then the GDP deflator is
a. 104.1 so prices are higher than in the base year.
b. 104.1 so prices are lower than in the base year.
c. 96.1 so prices are higher than in the base year.
d. 96.1 so prices are lower than in the base year.
d
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At a given point in time, if all past deficits and surpluses were added, we would get the
A. Ricardian model. B. debt. C. crowding-out model. D. total amount of excess burden.
A tradable government permit for the atmospheric release of a ton of sulfur dioxide can help reduce acid rain
a. True b. False Indicate whether the statement is true or false
In the long run, monopolistically competitive firms typically produce with allocative efficiency
a. True b. False Indicate whether the statement is true or false
Given a constant rate of growth of real GDP, what would cause a fall in real GDP per capita?
a. a rate of population growth that is less than the rate of growth of real GDP b. a rate of population growth that is greater than the rate of growth of real GDP c. an increase in the size of the labor force d. an overall decrease in population