The GDP Deflator in Year 3 Is 85 Using Year

question 187

Multiple Choice

The GDP deflator in year 3 is 85 using year 1 as a base year. This means that, on average, the price of goods and services is

• A) 15% higher in year 3 than in year 1.
• B) 7.5% higher in year 3 than in year 1.
• C) 15% higher in year 1 than in year 3.
• D) 7.5% higher in year 1 than in year 3.

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Definitions:

Genetic Makeup

The unique set of genes and alleles present in an organism, determining its hereditary characteristics.

Psychological

Psychological pertains to the mind or mental processes and how they influence behavior, emotions, and attitudes.

Behavioral

Relating to or concerned with the actions or activities of living organisms towards their environment.

Titchener

Edward Titchener, an early psychologist known for developing structuralism, which aimed to understand the structure of the mind through introspection.