To convert nominal GDP to real GDP, we use which one of the following?
a. real GDP = nominal GDP × GDP deflator
b. real GDP = nominal GDP/GDP deflator
c. real GDP = GDP deflator/nominal GDP
d. real GDP = (nominal GDP/GDP deflator) × 100
e. real GDP = (nominal GDP/GDP deflator)/100
D
You might also like to view...
The American Revolution and Constitution resulted in
(a) a dramatic change in laws and the ownership of property. (b) greatly expanded rights for wage workers and indentured servants. (c) the elimination of a land-owning aristocracy. (d) very little major change with respect to laws and ownership of property, though there was a strengthening of property rights.
If total revenues decline when the market clearing price increases, then we know that
A) demand is inelastic. B) demand is elastic. C) demand is unit-elastic. D) demand has zero elasticity.