A measure of GDP in which quantities produced are valued at current-year prices is called:
A. nominal GDP.
B. physical GDP.
C. base GDP.
D. real GDP.
Answer: A
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The learning curve describes the ________ relationship between ________ and ________
A) inverse; unit cost; cumulative output B) direct; unit cost; cumulative output C) inverse; education; annual income D) direct; education; annual income E) direct; education; labor productivity
Which of the following would a bank NOT hold as insurance against the highest cost of deposit outflow-bank failure?
A) excess reserves B) secondary reserves C) bank capital D) mortgages
During the great canal-building era, from roughly 1815 to 1843, Hughes and Cain (2011) claim that
(a) most canals earned normal profits. (b) no canals earned profits. (c) all canals in the initial period of construction earned normal profits but none did in the later period because of over-construction and competition from the railroads. (d) the Erie Canal was one of the few, perhaps the only one, to earn normal profits.
Market economies have air and water pollution, but nonmarket economies
a. have much less pollution. b. have pollution that is much worse than in market economies. c. have about the same amount of pollution as market economies. d. don't generally suffer from external effects of any sort.