Multiple Choice
A GDP deflator of 112 means:
A) the overall price level is 12 percent higher than in the base year.
B) the overall output increased by 12 percent since the base year.
C) every price in the economy has gone up by 12 percent.
D) the production of each good in the economy has increased by 12 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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