The Index Used to Translate Nominal GDP into Real GDP

question 114

Multiple Choice

The index used to translate nominal GDP into real GDP is the

• A) Consumer Price Index
• B) Wholesale Price Index
• C) GDP Price Index
• D) Producer Price Index
• E) Manufacturer's Input Price Index

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Definitions:

Income

The money received by a person or organization for work, investments, or from other sources.

Utility Function

A quantitative model showing how buyers prioritize various combinations of products based on their happiness or usefulness.

Apples

A type of fruit that is grown worldwide and comes in various colors and flavors.

Bananas

A curved, yellow fruit rich in potassium and dietary fiber, commonly consumed worldwide.