The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100

The total costs of using a resource are made up of

A) private costs only. B) external costs only. C) social costs only. D) internal and private costs only.

What best describes the changes in steel production from 1860-1910?

a. The open-hearth process quickly became the dominant production process after it was invented. b. Technological change in steel production changed relatively slowly. c. No technological changes occurred in the steel industry. d. The production of steel stayed constant through this period, but it became much more efficient.