Multiple Choice
The GDP deflator in year 2 is 105, using year 1 as the base year.This means that, on average, the cost of goods and services is
A) 5% higher in year 2 than in year 1.
B) 105% higher in year 2 than in year 1.
C) 5% higher in year 1 than in year 2.
D) 105% higher in year 1 than in year 2.
E) 95% higher in year 2 than in year 1.
Correct Answer:
Verified
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