The GDP growth rate:
A. is a measure to track changes in an economy over time.
B. looks at changes in GDP across different time periods.
C. is measured as the percent change in real GDP from one time period to the next.
D. All of these statements are true.
D. All of these statements are true.
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If an objective of public policy is to allocate pollution to those factories that face the highest cost of reducing it, then that objective could be achieved by
a. a corrective tax, but not by regulation. b. regulation, but not by a corrective tax. c. either regulation or a corrective tax. d. neither regulation nor a corrective tax.
When production is characterized by persistently declining long-run average costs as output increases
A. there is no need for the government to limit competition by licensing requirements. B. the costs are lower if a single firm exists, and even if the firm is unregulated, price will still be lower with a single firm. C. the costs of production are greater when competition exists than when a single firm produces a good. D. it is impossible for two firms to compete in the market.
Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except
A) engage in mutually beneficial trade with other nations. B) increase the variety of products that it can consume with no increase in resources. C) consume a combination of goods that lies outside its own production possibilities frontier. D) produce a combination of goods that lies outside its own production possibilities frontier.
If an American construction company built a road in Kuwait, this activity would be
A. excluded from U.S. GNP. B. fully included in U.S. GDP. C. included in U.S. GDP but not in U.S. GNP. D. included in U.S. GNP only for that portion that was attributable to American capital and labor.