Fill in the Blank QuestionFill in the blank question. GDP uses prices from a base year also referred to as constant prices.

Real GDP is the yearly production of final goods and services valued atGroup of answer choicescurrent prices.constant prices.expected future prices.the ratio of current prices to constant prices.

What is the main problem arising from the use of base year prices to measure real GDP? a. Over​ time, prices of some goods and services change relative to prices of other goods and services. b. Real GDP is calculated with the assumption that the purchasing power of a dollar increases from one year to the next. c. When real GDP increases from year to​ year, the increase is due partly to changes in prices and partly to changes in quantities. d. Real GDP is a measure of the value of production rather than the volume of production.

GDP is defined as the market value of all final goods and services produced in an economy in a given year. Group of answer choicesTrueFalse

1.       The following data is given for a Country which only produces two goods (A and B) for the base year (Ym) and the current year (Yn). YmYnGoodPriceQuantityPriceQuantityAPAmQAmPAnQAnBPBmQBmPBnQBnWhat is the expression for GDP deflator for the current year?

The price of a market basket of goods in a specific year divided by the price of the same market basket of goods in the base year multiplied by 100 is called a ______.Multiple choice question.price indexreal GDPconsumption indexnominal GDP