If the GDP Chain Price Index in a Given Year

question 18

True/False

If the GDP chain price index in a given year is less than 100, real GDP in that year would be greater than nominal GDP.

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Definitions:

Wage Rate

The amount of money paid to a worker per unit of time, usually expressed per hour or year.

Wage Rate

The amount of money paid to an employee per unit of time worked, often expressed on an hourly basis.

Marginal Physical Product

The additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.

Total Revenue Product

The total revenue generated by a firm from selling its product, given by the quantity sold times the selling price.