Question

The Central Statistics Office of Turkey has calculated the annual constant-price and chain-rule GDP values for 2020 using 2019 as the base year. As was the case for many other economies, Turkey had suffered from a Covid-related recession in 2020. From what you know about the constant price and chain rule calculations, you expect that for 2020 the constant-price GDP figure :

A.to be lower than the chain-rule GDP figure.

B.to be the same as the chain-rule GDP figure.

C.to be higher than the chain-rule GDP figure.

D.to be lower than the chain-rule figure since 2020 was a recession year.

E.to be higher than the chain-rule figure since 2020 was a recession year.