If GDP Increases Faster Than the GDP Deflator

question 258

Multiple Choice

If GDP increases faster than the GDP deflator,

• A)real GDP will rise.
• B)real GDP will fall.
• C)real GDP will stay the same.
• D)There is not enough information to determine what happens to real GDP.

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Definitions:

Variable Costs

Costs that vary directly with the level of production or volume of output, including materials and labor directly involved in a company's manufacturing process.

Direct Labor Cost

The total cost of all labor that can be directly attributed to the production or manufacturing of goods or services.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, excluding direct materials and direct labor costs.

Administrative Costs

Expenses related to the general operations of a business that are not directly tied to the production of goods or services.