Which of the following statements is false?
A. Real GDP in the United States was approximately seven times greater in 2012 than in 1950.
B. The U.S. population was approximately twice as large in 2012 than in 1950.
C. Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950.
D. Real GDP is GDP adjusted for price changes.
Answer: C. Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950.
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The buyers pay all of a tax when the demand is
A) perfectly elastic. B) more elastic than the supply. C) more inelastic than the supply. D) unit elastic. E) perfectly inelastic.
In the automobile insurance market, adverse selection occurs when
A) drivers with greater risks buy a policy with large deductibles. B) drivers with greater risks buy a policy with no deductibles. C) uninsured drivers drive recklessly. D) insured drivers drive recklessly.
The skills, training, and education possessed by workers contribute to economic growth
A. by increasing saving. B. by increasing the quality of labor. C. by increasing the quantity of labor. D. by increasing real wages.
An excess demand for euros will cause a depreciation of the euro.
Answer the following statement true (T) or false (F)