1. If the GDP deflator was 100 in the base year of 2018, and 105 in 2020, we can say that a the price level increased by 5 percent from 2018 to 2020. b. the price level increased by 105 percent from 2018 to 2020. c. the price level increased by 205 percent from 2018 to 2020. d. we cannot judge price increases from changes in the GDP deflator.
1. If the GDP deflator was 100 in the base year of 2018, and 105 in 2020, we can say that a the price level increased by 5 percent from 2018 to 2020. b. the price level increased by 105 percent from 2018 to 2020. c. the price level increased by 205 percent from 2018 to 2020. d. we cannot judge price increases from changes in the GDP deflator.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7PA
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