In a given year, U.S. nominal GDP was $5,744 billion and the GDP chain price index is 93.6. Real GDP is:
A. $6,137 billion.
B. $5,376 billion.
C. $6,000 billion.
D. $6,376 billion.
Answer: A
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In the above figure, a sales tax of $1 per unit imposed on sellers shifts the
A) demand curve rightward. B) supply curve leftward. C) demand curve leftward. D) supply curve rightward.
If all international factor payment flows are investment income, then net investment income from abroad equals
A) net exports. B) the current account balance. C) the trade balance. D) net income from abroad.
All of the following factors came together in 2007-09 to cause a sharp drop in consumer spending EXCEPT
A) asset pyramid. B) the end of the housing price bubble. C) stock market crash. D) increase in household liabilities.
The distinction between productivity levels and productivity growth rates is theoretical, and has no practical application
a. True b. False Indicate whether the statement is true or false