The chain-weighted output index
A) uses only the current year's prices to calculate growth in real GDP.
B) uses prices for the current year and the previous year to calculate growth in real GDP.
C) must be calculated only every other year.
D) is an inaccurate way to measure growth in real GDP and so has been replaced by the "nominal-to-real" index.
B
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Monetarists argue that the interest elasticity of the demand for money is
a. low, while Keynesians say it is high. b. important in terms of affecting economic activity. c. highly variable. d. an important factor in determining if velocity is stable or unstable.
The two flows, or things being exchanged, in the circular flow model are:
A. inputs and outputs. B. imports and exports. C. inputs/outputs and money. D. land and labor.
The difference between a change in quantity supplied and a change in supply is that a change in:
a. quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes. b. supply is caused by a change in a good's own, current price, while a change in the quantity supplied is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes. c. quantity supplied is a change in the amount people want to sell, while a change in supply is a change in the amount they actually sell. d. supply and a change in the quantity supplied are the same thing.
Samuelson and Solow argued that a combination of low unemployment and low inflation
a. was impossible given the historical data as summarized by the Phillips curve. b. could be achieved with an "appropriate" fiscal policy. c. could be achieved with an "appropriate" monetary policy. d. could be achieved with an "appropriate" mix of monetary and fiscal policies.