Consider the Following Data That Gives the Quantity Produced and Unit

question 84

Multiple Choice

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next six questions: Assume that the base year is 2012.

-What was the GDP deflator in 2012?

• A) 100
• B) 108
• C) 103
• D) 109
• E) 106

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Definitions:

Cash Rebates

Refunds offered to consumers as an incentive to purchase a product or service.

Inelastic Supply

Characterizes a situation where the quantity supplied of a good is not significantly changed by the price of that good.

Antiques

Objects of considerable age valued for their artistic, historical, or collectible qualities.

Pricing Power

The ability of a company or an entity to dictate the price of its goods or services without losing market share to competitors.