In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?
What will be an ideal response?
GDP stands for gross domestic product and measures the value of the total production of final goods and services. "Real" indicates that the goods and services produced are valued using the prices of the base year, not the current year, and therefore are adjusted for inflation.
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Reserves are ________
A) gold in a bank's vault plus its gold at Federal Reserve banks B) cash in a bank's vault plus its deposits at Federal Reserve banks C) cash in a bank's vault plus its gold at Federal Reserve banks D) cash in a bank's vault plus the cash carried by its customers
Refer to the table below. What is the profit-maximizing number of quality units for Stuffed Pies to produce?
Stuffed Pies is a frozen calzone manufacturer. The table above summarizes Stuffed Pies' marginal revenue and marginal cost of quality at various quality amounts.
A) 9
B) 11
C) 7
D) 13
The market labor supply curve is the
a. vertical sum of the individual labor supply curves b. horizontal sum of the individual labor supply curves c. vertical difference of the individual labor supply curves d. horizontal difference of the individual labor supply curves e. average of the individual labor supply curves
A market shortage is
A. A situation in which producers cannot sell all the goods and services that they are willing and otherwise able to sell. B. The result of a price floor. C. The amount by which the cost of production exceeds the price of a good. D. The amount by which the quantity demanded exceeds the quantity supplied at a given price.