Consider the Following Data That Gives the Quantity Produced and Unit

question 66

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 2013?

• A) 116.67
• B) 108.57
• C) 100
• D) 119.44
• E) 102.38

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Definitions:

Scarce Supply

Refers to the condition where the availability of a particular good or resource is insufficient to meet the demands.

Market System

An economic system where prices and the distribution of goods and services are determined by competition in a free market.

Private Ownership

Refers to the goods or assets that are owned by individuals or corporations rather than by the government or the public.

Monetary Returns

The financial gains or profits from an investment or transaction, often expressed as a percentage of the initial investment.