You only need to know the amount of goods and services produced in an economy to compute real GDP

a. true
b. false


Answer: b. false

Economics

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An increase in the interest rate will increase consumption spending

a. True b. False Indicate whether the statement is true or false

Economics

The change in consumption divided by a change in income is called the:

a. consumption function. b. marginal propensity to consume. c. marginal propensity to spend. d. spending function. e. changing propensity to consume.

Economics

If the price were $15, how much would the firm's output be in the short run?

Economics

A farmer can grow soy or sorghum. If the price of soy increases, the opportunity cost of growing sorghum ______, shifting the supply curve of sorghum ______.

Fill in the blank(s) with the appropriate word(s).

Economics