The GDP Deflator Can Be Used to Take Inflation Out

question 91

True/False

The GDP deflator can be used to take inflation out of nominal GDP.

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Definitions:

Individuals

Single human beings considered separate from a group or society.

Economic Activity

The actions that involve the production, distribution, and consumption of goods and services in an economy.

Tariffs

Taxes imposed on imported goods and services, which are typically used by governments to protect domestic industries, raise revenue, or exert political leverage.

Trade Restrictions

Regulations or policies that countries adopt to limit the import and export of goods and services, often to protect domestic industries.