Real GDP differs from nominal GDP in that nominal GDP measures
A. output adjusted for inflation.
B. real output of goods and services.
C. output of goods and services at current prices.
D. real income adjusted for changes in the price level.
Answer: C
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Which of the following would not affect this year's GDP?
a. the paint you purchased when painting your house b. the new car your parents purchased and gave to you as a birthday present c. a Gateway computer purchased by the U.S. government d. the value of a used car you purchased, at its sale price
Factors of production are usually divided into all of the following categories except
A) labor. B) capital. C) interest. D) natural resources.
The verification step of the government job analysis method is always conducted with _____.
A. the HR manager B. all interviewees C. the supervisor or manager D. high-performing employees
Which of the following best characterizes the tradeoff faced by a monopolist when deciding what quantity to produce?
A. The firm can increase its output, but needs to lower its price for only the marginal unit of output. B. The firm can increase its output, but to do so it must charge a higher price to all customers. C. The firm gets more revenue from new customers by increasing output, but gets less revenue from existing customers given that it lowered its price. D. The firm gets less revenue from new customers by increasing output, but gets more revenue from existing customers given that it lowered its price.