The primary value of data for real GDP lies in its ability to
a. reflect the welfare of a society relative to a previous period.
b. compare a nation's productivity during two periods widely separated in time.
c. indicate short-term changes in the output rate of a nation.
d. indicate how hard the people of a nation are working.
C
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Agraria uses bushels of wheat to quote prices. In this case, bushels of wheat act as a
A. medium of exchange. B. store of value. C. commodity value. D. unit of account.
If a firm has increasing returns to scale at all levels of output, the
A. slope of its long-run total cost curve is always negative. B. slopes of its short-run average cost curves are always negative. C. slope of its long-run average cost curve is always negative. D. slope of its production function is always negative.
What is money? What are the three definitions of money in the United States?
Which of the following is seen as a benefit to society in moving away from using checks to electronic banking?
a. processing checks is a capital-intensive process b. electronic banking is a labor-intensive process c. processing checks is less costly than electronic banking d. electronic banking is a more efficient process than check clearing