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Non-Competitive Markets

Question

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What is GNP deflator?

Solution

It is a statistical tool used to measure the average level of prices of all goods and services. Symbolically :

GNP space Deflator space equals space fraction numerator Nomial space GNP over denominator Real space GNP end fraction cross times 100

Some More Questions From Non-Competitive Markets Chapter

National Income (NI)

Final Goods and Intermediate Goods

Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school
(ii) Chalks, dusters purchased by a school.

Consumption Goods and Capital Goods

Flow and Stock Concepts

Giving reasons categorise the following into stocks and flows:
(i) Losses (ii) Capital (iii) Production (iv) Wealth.

Gross Investment and Net Investment

Domestic (Economic) Territory

National Income at Current and Constant Prices (Nominal and Real NI)

Consumption of Fixed Capital (Depreciation)

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