The GDP price index
A) can be interpreted as 100 multiplied by real GDP divided by nominal GDP.
B) is the difference between nominal GDP and real GDP.
C) measures the average price level.
D) can be interpreted as real GDP minus nominal GDP and the resulting difference then multiplied by 100.
E) is equal to between real GDP minus nominal GDP.
C
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Suppose your economics professor has an extra copy of textbook that he or she would like to give to a student in the class. Which of the following schemes is the most likely to result in an efficient outcome?
A. Auctioning off the textbook to the highest bidder. B. Letting students take turns using the textbook. C. Giving the textbook to the student who has the lowest midterm score. D. Randomly selecting one student to receive the textbook.
Which of the following is included in M1?
A. Savings accounts B. Money market deposit accounts C. Money market mutual funds D. Certificates of deposit E. None of the above is included.
Commodity money includes such things as paper currency and travelers checks that have no commodity value in and of themselves, but which can be used to purchase commodities
Indicate whether the statement is true or false
In a monopolistically competitive market,
a. entry by new firms is impeded by barriers to entry; thus, the number of firms in the market is never ideal.
b. entry by new firms is impeded by barriers to entry, but the number of firms in the market is nevertheless always ideal.
c. free entry ensures that the number of firms in the market is ideal.
d. there may be too few or too many firms in the market, despite free entry.