If the Per-Unit Prices of the Three Goods Were Each

question 68

Multiple Choice

If the per-unit prices of the three goods were each $1 in a base year used to construct a GDP price index, then real GDP in the current year is

• A) $110.
• B) $115.
• C) $45.
• D) $160.

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Definitions:

Universal Generalization

A logical operation that infers a general statement from specific cases, asserting that a property or relation holds for all members of a certain category.

Universal Instantiation

A logical rule that infers from the truth of a universally quantified statement about all members of a domain, the truth of that statement about any specific member.

Quantifier Negation

The process of applying negation to a statement that contains a quantifier, altering its scope and possibly changing the quantifier type (for example, from universal to existential).

Existential Generalization

A logical operation that infers the existence of at least one object in a domain that satisfies a given proposition.