To Make the Calculation of Real GDP More Accurate, the Australian

question 6

Multiple Choice

To make the calculation of real GDP more accurate, the Australian Bureau of Statistics (ABS) switched to using:

• A)base year prices.
• B)current prices.
• C)chained prices.
• D)market prices.

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Definitions:

Opportunity Cost

The financial consequence of bypassing the subsequent optimal opportunity in favor of another decision.

Emeralds

Precious green gemstones that are highly valued for their beauty, rarity, and hardness.

Rubies

Precious red gemstones that are valued for their color, hardness, and rarity.

Opportunity Cost

The potential benefit that one misses out on when choosing one alternative over another.