Comparisons of economic activity over time should be made using:
A. real GDP.
B. current-dollar GDP.
C. nominal GDP adjusted for unemployment.
D. nominal GDP per capita.
Answer: A
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An oligopoly is characterized by:
a. a relatively small number of firms b. either differentiated or undifferentiated products c. actions of any individual firm will affect sales of other firms in the industry d. a and b e. a, b, and c
At an output at which MC is greater than ATC
A. the ATC curve is upward sloping. B. the AVC curve is downward sloping. C. the ATC curve is downward sloping. D. the AFC curve is upward sloping.
In the above figure, a rent ceiling of $500 per month would
A) not affect the equilibrium quantity. B) create a shortage. C) raise the rent and cause a surplus. D) reduce the rent and create a surplus.