The GDP Deflator

question 57

Multiple Choice

The GDP deflator:

• A) measures price changes for everything produced in the country.
• B) may include goods produced abroad.
• C) is computed using the quantities that are consumed in the economy each year.
• D) is the same as PPI.

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined mainly by competition in a free market.

Economic Marginality

Refers to the condition of individuals or groups being on the edge of economic stability, often experiencing inadequate access to resources, employment, and income.

Richard Quinney

A prominent sociologist known for his contributions to the conflict theory of criminology, focusing on the social realities of crime and its societal implications.

Dominant Class

The dominant class refers to the group of people in a society who hold the most power, wealth, and prestige, often dictating the primary cultural, political, and economic directions.