Nominal GDP is $10,000 billion in 2011, but real GDP is only $9,000. It follows that:
a. the GDP deflator is equal to 111
b. the GDP deflator is equal to 100.
c. the GDP deflator is equal to 90.
d. prices must have decreased relative to the base year.
a
Economics
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International trade currently involves about ______________ worth of goods and services thundering around the globe.
a. $200 billion b. $20 trillion c. $200 trillion d. $2 trillion
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Explain what economic efficiency is. How does a price system lead to economic efficiency?
What will be an ideal response?
Economics