If the GDP Deflator Is 100 This Year

question 112

Multiple Choice

If the GDP deflator is 100 this year,

• A)there has been no inflation during the year
• B)the price level is the same as it was in the base year
• C)the price level is one hundred times what it was in the base year
• D)the price level is double what it was in the base year
• E)the inflation rate has been 100 percent per year since the base year

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Definitions:

Income Inequality

Refers to the uneven distribution of income and wealth across the population, leading to disparities between individuals or groups.

Income Taxes

Taxes levied by governments on the income earned by individuals and entities, typically progressive in nature, meaning the rate increases with the income level.

Education and Training

The process of acquiring knowledge, skills, and competencies through teaching, study, or experience.