With reference to the GDP Deflator, consider the following statements:
1. The GDP Deflator measures the average change in prices of all goods and services produced in the economy.
2. The Reserve Bank of India uses a GDP deflator while formulating the monetary policy of India.
3. Changes in consumption patterns or the introduction of goods and services are automatically reflected in the GDP deflator.
How many of the statements given above are correct?
1
Only one
2
Only two
3
All three
4
None