Real GDP is gross domestic product measured
A. in current dollars.
B. as the difference between the current year's GDP and last year's GDP.
C. at a constant output level but at current prices.
D. in the prices of a base year.
Answer: D
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Suppose the price and quantity of steel fell at the same time. What might be the likelyexplanation of this using supply and demand analysis?
What will be an ideal response?
The value of goods, services, incomes or wealth subject to taxation is
A) the tax base. B) a sales tax. C) the collected tax revenue. D) a unit tax.
Economists suggest that a market can fail if
A. consumers have to pay more than they want to. B. the good or service is such that consumers are unable to make well-informed decisions about its consumption. C. producers get smaller profits than they desire. D. governments dictate prices.
What type of consumer goods are most affected by the business cycle: durable goods or nondurable goods? Why?
What will be an ideal response?