In 1991, the base year, GDP was 5000. In 1993 the GDP deflator was 106. We may conclude that
A. GDP rose to more than 5000 in 1993.
B. GDP fell to less than 5000 in 1993.
C. GDP remained at 5000 in 1993.
D. None of the choices are correct.
D. None of the choices are correct.
You might also like to view...
Firms in monopolistic competition determine the profit-maximizing level of output by producing
A) the same output level as rivals do. B) where average total cost is minimized. C) at the point of minimum average fixed cost. D) where marginal revenue equals marginal cost. E) where price equals average total cost.
How do expectations of higher inflation become embedded in the economy and affect actual inflation?
What will be an ideal response?
The unemployment rate tells us:
A. what percentage of the labor force wants to work and can't find a job. B. who is currently unemployed. C. why the unemployed can't find work. D. the number of people who really don’t want to work.
The Board of Governors of the Federal Reserve consists of ____________ members appointed by the President of the United States and confirmed by the Senate for 14-year terms.
a. nine b. four c. seven d. five