Real GDP means GDP:
a. valued at prices in a base year.
b. that does not change from year to year.
c. corrected for changes in quality.
d. valued at prices at which goods are actually sold.
a
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A decrease in the price of pizza will lead to a(n):
A. decrease in the quantity of pizza demanded. B. decrease in the number of consumers. C. increase in the quantity of pizza demanded. D. increase in the demand for pizza.
In 2011, a number of Canadians purchased homes in Arizona. Which of the following would not be a logical explanation for this?
A) The value of the Canadian dollar relative to the U.S. dollar increased during this time. B) The U.S. dollar appreciated relative to the Canadian dollar during this time. C) The Canadian dollar appreciated during this time. D) The U.S. dollar depreciated during this time.
If there is an excess supply of Tunisian dinars at a given exchange rate, what will lead the market into an equilibrium?
a. Finding themselves unable to buy all the dinars they want to buy, buyers will accept a lower price. b. Finding themselves unable to buy all the dinars they want to buy, sellers will offer a lower price. c. Finding themselves unable to sell all the dinars they want to sell, sellers accept a higher price. d. Finding themselves unable to buy all the dinars they want to buy, buyers offer a higher price. e. Finding themselves unable to sell all the dinars they want to sell, sellers accept a lower price.
Which will cause a demand curve to be relatively elastic?
A. Purchases of the good require a small portion of consumers' budgets. B. The good is considered a necessity. C. The time interval considered is long. D. Few substitutes exist.