The White Witch is the somewhat unscrupulous leader of Narnia. In order to convince people that her economic policies are working, she provides the following GDP data:

Being a well-educated citizen of Narnia, Tumnus realizes something is amiss with the data, because the base year would normally not change. Searching his data tables, he finds that the GDP deflator (multiplied by 100) for 2014 using a base year of 1980 was 900. Given this information, which of the following statements is FALSE?

Question

The White Witch is the somewhat unscrupulous leader of Narnia. In order to convince people that her economic policies are working, she provides the following GDP data: 
  
   Being a well-educated citizen of Narnia, Tumnus realizes something is amiss with the data, because the base year would normally not change. Searching his data tables, he finds that the GDP deflator (multiplied by 100) for 2014 using a base year of 1980 was 900. Given this information, which of the following statements is  FALSE?

Answer

Nominal GDP in 2014 was $9,000,000.

Answer

None of the other answers are correct.

Answer

When using the base year of 1980, Real GDP in 2012 equals Real GDP in 2014.

Answer

Price levels decreased between 1980 and 2014

Answer

When using the base year of 1980, real GDP decreased between 2013 and 2014.

Answer

There was a positive real GDP growth between 2012 and 2013

Crowdly

The White Witch is the somewhat unscrupulous leader of Narnia. In order to convi...

Хочете миттєвий доступ до всіх перевірених відповідей на moodle.telt.unsw.edu.au?

	Real GDP…	…using Base Year
2012	$1,000,000	1980
2013	$1,100,000	1980
2014	$9,000,000	2014