The Table Below Shows Total Output for an Economy Over

question 103

Multiple Choice

The table below shows total output for an economy over 2 years. TABLE 20-5 Refer to Table 20-5.If 2018 is the base year,the GDP deflator in 2018 was

• A)100.
• B)102.
• C)180.
• D)193.
• E)1000.

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Definitions:

Resource Markets

Markets where resources (such as labor, capital, and raw materials) that are used to produce goods and services are bought and sold.

Wage Rates

This is the standardized amount of compensation given to employees for their services in a given period, typically expressed per hour or year.

Computer Programmers

Professionals responsible for writing, testing, and maintaining the code that enables software applications to function.

Laissez Faire Capitalism

An economic system where private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.