The GDP deflator is a
A. price index that tracks the price level of commodities that firms purchase from other firms.
B. statistical measure of a weighted average of prices of a specific set of goods and services purchased by wage earners in urban areas.
C. statistical measure of a weighted average of prices of commodities that firms produce and sell.
D. price index measuring the changes in prices of all new goods and services produced in the economy.
Answer: D
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In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice has ________ advantage in producing ________
A) an absolute; shoes B) a comparative; shoes C) an absolute; bookshelves D) a comparative; bookshelves
The longer the "pass-through" period following a devaluation, the faster the desirable balance of trade effects of a devaluation will appear on quantities traded
Indicate whether the statement is true or false