The Table Below Shows Total Output for an Economy Over

question 114

Multiple Choice

The table below shows total output for an economy over 2 years.
TABLE 20-8
-Refer to Table 20-8.The implicit GDP deflator in 2015 (using 2015 as the base year) is

• A)71.59.
• B)100.
• C)103.4.
• D)114.6.
• E)139.7.

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Definitions:

Real Output

The total value of all goods and services produced by an economy, adjusted for price changes or inflation, representing the actual physical output.

Money Supply

The total amount of money available in an economy at a specific time, including currency and various types of bank deposits.

Price Level

An index that measures the average price of goods and services across the economy at a given time, indicating the cost of living or inflation rate.

Money Supply

The full scope of monetary resources present in an economy at a certain period.