Multiple Choice
The GDP deflator in year 3 is 85 using year 1 as a base year. This means that, on average, the price of goods and services is
A) 15% higher in year 3 than in year 1.
B) 7.5% higher in year 3 than in year 1.
C) 15% higher in year 1 than in year 3.
D) 7.5% higher in year 1 than in year 3.
Correct Answer:
Verified
Correct Answer:
Verified
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