"GDP price index" measures changes in the:
A) Value of final output produced in the nation
B) Prices of the output produced in the nation
C) Amount of resources available in the nation
D) Cost of resources employed in the nation

Question

Quizplus · Accepted Answer

The GDP price index, also known as the GDP deflator, measures the changes in the prices of goods and services produced within a country. It is calculated by dividing nominal GDP by real GDP and multiplying by 100. This index provides a measure of inflation and can be used to adjust the nominal GDP data for inflation, yielding the real GDP data.

"GDP Price Index" Measures Changes in The