GDP that has been adjusted for changes in the price level is called:
a. nominal GDP
b. real GDP.
c. personal income.
d. net GDP.
b
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If the bidders at an oral auction have true values of $78, $72, $66, and $65, the item will sell for
a. $78 b. just under $78 c. $72 d. just over $72
Transfer payments, such as unemployment insurance and welfare, are included in the circular flow as part of
a. government purchases b. household saving c. net taxes d. planned investment spending e. household consumption
The graph below represents a competitive market for a product where the government now has introduced a price floor of 0C. Which area in the graph represents the producers' sales revenue after the imposition of the price floor?
A. 0CFL
B. 0CEJ
C. 0BGK
D. 0BHL
When a celebrity is endorsing a product, it is usually because the celebrity is enthusiastic about the product.
Answer the following statement true (T) or false (F)