When the Australian Bureau of Statistics (ABS)calculates Real GDP Using

question 14

Multiple Choice

When the Australian Bureau of Statistics (ABS) calculates real GDP using the average of prices in the current year and the year preceding it, and this average changes from year-to-year, this is called calculating GDP using:

• A)chain volume measures.
• B)fixed volume prices.
• C)current year prices.
• D)fixed base year prices.

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Definitions:

Probate Court

A specialized court that deals with matters pertaining to wills, estates, conservatorships, and guardianships.

Decedent's Estate

All the assets and liabilities left behind by a person who has passed away.

Administrator

An individual appointed by a court to manage and settle the estate of a deceased person who has left no will.

Died Without A Will

A situation in which a person passes away without leaving a legal document specifying how their assets should be distributed.