If the Base Year for the GDP Deflator Is 2000

Multiple Choice

If the base year for the GDP deflator is 2000 and the value of the GDP deflator in 2003 was 107,this indicates that the general level of prices

A) declined between 2000 and 2003.
B) was approximately 7 percent lower in 2003 than in 2000.
C) was approximately 7 percent higher in 2003 than in 2000.
D) was approximately 107 percent higher in 2003 than in 2000.