The GDP Deflator Is a Measure of the

question 187

Multiple Choice

The GDP deflator is a measure of the

• A)total production of the economy adjusted for inflation.
• B)total production of the economy unadjusted for inflation.
• C)average level of prices of final goods and services in the economy.
• D)average level of prices of intermediate goods and services in the economy.

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Definitions:

Proportion

A part, share, or number considered in comparative relation to a whole; a ratio.

Inference

The process of drawing conclusions about a population based on data from a sample.

Statistical Inference

The process of using data analysis to deduce properties of an underlying probability distribution.

Estimate

An approximation or educated guess of a certain quantity based on available data.