Nominal GDP is GDP in a given year
A) valued in the prices of that year. B) valued in the prices of the base year.
C) adjusted for inflation. D) adjusted for anticipated inflation.
A
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Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units
What is the value of economic surplus in this market? A) $300 thousand B) $600 thousand C) $1,200 thousand D) $1,600 thousand
The major similarity between monopolistic competition and perfect competition is
A. both assume products are differentiated. B. that both assume many buyers and sellers. C. the shape of the demand curve. D. price equals marginal revenue in each.
Which statement is false?
A. When two countries trade, both gain from the trade. B. In international trade some countries are winners and others are losers. C. For most of the 20th century we had a positive balance of trade. D. None of these statements are false.
Joseph Schumpeter said that profits were a reward for ________; Frank Knight said that profits were a reward for __________.
Fill in the blank(s) with the appropriate word(s).