The GDP Deflator Is a Measure of the Price Level

question 250

True/False

The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100.

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Definitions:

American Revolution

The period (1765-1783) during which thirteen of Britain's North American colonies successfully fought for their independence to become the United States of America.

Thomas Jefferson

The third President of the United States (1801-1809), principal author of the Declaration of Independence, and a founder of the Democratic-Republican Party.

First Continental Congress

A meeting of delegates from 12 of the 13 American colonies in 1774, convened to respond to Britain's Intolerable Acts, leading to the drafting of the Declaration of Independence.

Virginian

Pertaining to Virginia, a state in the southeastern United States, or its inhabitants.