To make the calculation of real GDP more accurate, in 1996 the BEA switched to using
A) base-year prices. B) chain-weighted prices.
C) current prices. D) market prices.
B
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Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. What fundamental economic question are they addressing by offering this range of items?
A) What to produce? B) Why produce a variety of items? C) Who to produce the items for? D) How to produce goods that consumers want?
A speculator becomes the floating-rate payer in an interest-rate swap. She hopes that
A) long rates rise. B) long rates fall. C) short rates rise. D) short rates fall.
The conventional monetary policy to fight recessions would be to
A. increase the rate of monetary growth. B. decrease the rate of monetary growth. C. run a government surplus. D. run a government deficit.
If long-run average total cost is rising, then the firm is experiencing economies of scale
a. True b. False Indicate whether the statement is true or false