Nominal GDP measures the value of goods and services using current-year prices.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Throughout U.S. history, the debt-GDP ratio has jumped sharply higher during
A) cyclical expansions. B) stock market crashes. C) wars. D) Presidential election years.
Which of the following questions is addressed primarily by macroeconomics? a. The allocation of scarce satellite orbit slots
b. Decisions made by a manufacturer of a particular good. c. Policies to control the inflation rate. d. A consumer's decision to buy more clothing and less food.
Safe Bank has an outside display which has the time and temperature that is always correct. This is an example of
A) an interference in the workings of the price system. B) a breakdown in communication between the bank and its customers. C) a negative externality. D) a positive externality.
A firm that has the ability to control to some degree the price of the product it sells
A) is also able to dictate the quantity purchased. B) faces a demand curve that is inelastic throughout the entire range of market demand. C) is a price maker. D) faces a perfectly inelastic demand curve.