If Nominal GDP Is $10,000 and Real GDP Is $8,000

question 103

True/False

If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125.

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Definitions:

Norm

An average, or standard, calculated from many individuals within a specific group or population.

Binocular Vision

The ability to focus both eyes in a coordinated manner to get a single, three-dimensional image with depth perception.

Sensation

Describes the initial process of detecting and encoding environmental and bodily stimuli through the sensory organs.

Patterns

Regularities or repeated forms found in both natural and human-made systems, which can be observed in behaviors, thoughts, or occurrences.