Aggregation Is the Process of

question 62

Multiple Choice

Aggregation is the process of

• A)calculating real GDP based on nominal GDP and the price index.
• B)summing individual economic variables to obtain economywide totals.
• C)forecasting the components of GDP.
• D)predicting when recessions will occur.

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Definitions:

Arithmetic Sequence

A sequence of numbers in which each term after the first is obtained by adding a constant to the preceding term.

Common Difference

The gap between consecutive numbers in an arithmetic progression.

Partial Sum

The sum of a specified sequence of terms up to a certain number in the sequence.

Negative Exponent

Indicates that the base of the exponent should be reciprocated and the exponent made positive.