In contrast with nominal GDP, real GDP refers to nominal GDP:
a. minus exports.
b. minus personal income taxes.
c. corrected for price changes.
d. corrected for depreciation.
c
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A negative supply shock in the short run causes
A) unemployment to fall. B) the aggregate supply curve to shift to the left. C) equilibrium real GDP to rise. D) the price level to fall.
Robert must always have cream in his coffee. For Robert, the cross price elasticity of demand for coffee and cream is
A) equal to 0. B) negative. C) positive. D) impossible to determine without more information.
The labor ____________ curve(s) will shift _______________ if there is an increase in productivity or an increase in the demand for the final product.
a. demand; left b. supply; left c. demand; right d. supply; right
The demand curve for investment as a function of the interest rate is
a. vertical b. horizontal c. upward sloping d. downward sloping e. the same as the demand curve for saving