If the GDP deflator in 2011 was 130 compared to a value of 100 during the 2005 base year, this would indicate that
a. the inflation rate during 2011 was 30 percent.
b. the general level of prices during 2011 was 30 percent higher than during 2005.
c. the inflation rate during 2011 was 130 percent.
d. nominal GDP grew by 30 percent during 2011.
e. real GDP was 30 percent higher in 2011 than 2005.
B
Economics
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The short run is defined as the time frame:
A. in which there are fixed factors of production. B. less than one year. C. less than three years. D. in which there are no fixed factors of production.
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