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Answer :
D. 37 percent since the base year. If the GDP price index is 137, this value means that prices have increased 37 percent since the base year.
The GDP price index is an economic indicator used to measure changes in the prices of goods and services produced by a country. The base year is set at an index value of 100, and subsequent years' values reflect the percentage change in prices since the base year. In this case, the GDP price index is 137, which means that the prices have increased by 37% since the base year.
It does not indicate any changes within the last year or any other specific time period. The answer to your question is option D: Prices have increased by 37% since the base year. This helps economists, policymakers, and businesses understand the overall inflationary trends in the economy and make informed decisions based on this data.
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correct answer to the question is D. Prices have increased by 37 percent since the base year.
If the GDP price index is 137, this value means that prices have increased by 37 percent since the base year. The GDP price index is a measure of the average prices of goods and services produced in a country, and it is calculated by comparing the current prices of a basket of goods and services to their prices in a base year. The base year is usually chosen as a year that represents a typical level of economic activity and prices.For example, suppose the base year is 2010, and the GDP price index is 137 in 2021. This means that the average prices of goods and services in 2021 are 37 percent higher than their prices in 2010. It is important to note that this increase in prices does not necessarily mean that the economy has grown by 37 percent. The GDP price index only measures changes in prices, not changes in the quantity of goods and services produced.In contrast, if the GDP price index had increased by 137 percent since the base year, this would mean that the average prices of goods and services had more than doubled. This scenario would be highly unlikely and would suggest a significant inflationary period in the economy.
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