Suppose That the Base Year Is 2015, and the GDP

question 53

Multiple Choice

Suppose that the base year is 2015, and the GDP price index in 2014 is 92.0.This implies that the

• A)output in 2015 was higher than in 2014.
• B)prices in 2015 were higher than in 2014.
• C)output in 2015 was lower than in 2014.
• D)prices in 2015 were lower than in 2014.

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Definitions:

Political Process

The methods and procedures involved in the operation of government and the enactment of policy, including election campaigns, legislative proceedings, and public administration.

Arbitrary and Capricious Terms

Describes actions or decisions made without reasonable justification, in an unpredictable manner.

Genetically Modified Seed

Seeds that have been altered using genetic engineering techniques to possess specific traits, such as resistance to pests or herbicides.

Utilitarianism

An approach to ethical reasoning in which ethically correct behavior is related to an evaluation of the consequences of a given action on those who will be affected by it. In utilitarian reasoning, a “good” decision is one that results in the greatest good for the greatest number of people affected by the decision.