If You Were Told the Output of Goods and Services

question 28

Multiple Choice

If you were told the output of goods and services produced in Luxembourg had increased by 6 percent in 2010, you would correctly refer to this increase as which type of growth?

• A) an example of recessionary growth
• B) growth standardization
• C) economic growth
• D) nationalized growth

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Definitions:

Chain-Weighted Price Index

Cost-of-living index that accounts for changes in quantities of goods and services.

Quantities

The amount or number of a material or immaterial good considered as a unit or in discrete portions.

Industrialized Countries

Nations with significant industrial activity, high levels of income per capita, and widespread infrastructure.

Paasche Index

Amount of money at current-year prices that an individual requires to purchase a current bundle of goods and services divided by the cost of purchasing the same bundle in a base year.