Real GDP is the
A. Value of final output produced, measured in current prices.
B. GDP minus depreciation.
C. Value of final output produced, adjusted for changing prices.
D. Income earned by current factors of production.
Answer: C
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Suppose the market equilibrium price of corn is $5 per bushel, and the government sets a price ceiling of $4 per bushel. What is the most likely result of this action?
a. There will be a shortage of corn. b. There will be a surplus of corn. c. There will be a decrease in the quantity of corn demanded as the result of the price ceiling. d. There will be an increase in the quantity of corn supplied as the result of the price ceiling.
The Federal Reserve System:
A. has the same status as the Supreme Court. B. is basically an independent agency. C. has the status of a congressional committee. D. is an agency of the executive branch of the federal government.
In the United States, the distribution of wealth is more unequal than the distribution of income.
Answer the following statement true (T) or false (F)
John Stuart Mill first proposed
A. the labor theory of value. B. the idea of utilitarian justice. C. the theory of distributional justice. D. the theory of comparative advantage.