Which of the following prices will be used when calculating the rate of growth of real GDP between the year's 2005 and 2006 using the chain method?
A) prices in the base year (2002)
B) prices in 2005
C) prices in 2006
D) the average of prices in 2005 and 2006
E) prices in 2005, 2006, and in 2002 (the base year)
D
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The larger the number of bidders in an open outcry Dutch auction, ________
A) the lower is the maximum willingness to pay of each bidder B) the smaller is the consumer surplus earned by the winner C) the larger is the quantity offered by the auctioneer for auction D) the lower is the value of the starting bid
Leading, coincident, and lagging indicators are based on the concept that:
A) expectations of future inflation is the driving force of the economy. B) expectations of future profits are the driving force of the economy. C) expectations of future unemployment is the driving force of the economy. D) none of the above.