In Which Decade Did the Use of Nominal Anchors and Explicit

question 44

Multiple Choice

In which decade did the use of nominal anchors and explicit targets begin to be common in many nations?

• A) the 1960s
• B) the 1970s
• C) the 1980s
• D) the 1990s

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Definitions:

GDP

Gross Domestic Product, which is the total market value of all final goods and services produced within a country in a specific period.

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate measure of economic growth by reflecting the value of all goods and services produced at constant prices.

Deflation

A drop in the overall cost of goods and services, frequently resulting from a decrease in the availability of money or credit.

Inflation

The measurement of how swiftly the overall prices of goods and services increase, eroding the power to buy.