The GDP Deflator Is a Measure Of

question 134

Multiple Choice

The GDP deflator is a measure of:

• A)the overall change in prices in an economy,using the ratio between real and nominal GDP.
• B)the overall change in output in an economy,based on goods and services valued at constant prices.
• C)the overall change in prices in an economy,based on price-changes determined when output is held constant.
• D)the overall change in output in an economy,using the ration between real and nominal GDP.

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Definitions:

Union Workers

Employees who are members of a labor union, which negotiates collective bargaining agreements on their behalf.

Perfectly Inelastic Supply

A market condition where the quantity supplied does not change regardless of price fluctuations.

Bargaining Power

The relative capacity of one of the parties in a negotiation or deal-making scenario to influence the terms of an agreement.

Non-Union Workers

Employees who are not members of a labor union and therefore may not benefit from collective bargaining agreements.