Real GDP in the Current Year Is Equal to Nominal

question 103

Multiple Choice

Real GDP in the current year is equal to nominal GDP in the current year multiplied by the

• A)GDP deflator.
• B)GDP deflator in the base year divided by the GDP deflator in the current year.
• C)GDP deflator in the current year divided by the GDP deflator in the base year.
• D)consumer price index.

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Definitions:

Greatest Good

A principle, often associated with utilitarianism, that actions are right in proportion as they tend to promote the overall happiness or welfare of the greatest number of people.

Rule Deontology

An ethical theory that suggests morality is grounded in adherence to abstract, universal principles or duties, where the morality of an action is determined by whether it complies with a set of pre-established rules or duties.

Act Deontology

A moral theory that emphasizes the importance of individual actions in ethical decision-making, focusing on the adherence to moral principles or duties.

General Moral Principles

Fundamental guidelines that govern ethical and moral behavior, acting as the foundation for distinguishing between right and wrong.