Real GDP is:
(a) GDP valued at current market prices.
(b) GDP valued at base year prices.
(c) GDP valued at current input prices.
(d) The nominal value of GDP.
Answer: (b) GDP valued at base year prices.
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Which of the following events could result in the consumption function shifting from CF0 to CF1?
A) a decrease in wealth B) an increase in expected future income C) a decrease in disposable income D) an increase in disposable income E) an increase in the real interest rate
Personal cognitive surplus and access to Web 2.0 has spurred the rise of a new collaborative ________ model.
a. social b. economic c. access d. adaptive e. none of the above
One reason economists have many different views on social policy is that:
A. economic policy cannot involve value judgments. B. policy proposals must be based on precise evidence. C. economic policy is an exact science. D. policy proposals are based on various models that focus on different aspects of a problem.
The table below shows the weekly demand for hamburgers in a market where there are just three buyers.PriceQuantity Demanded by Buyer 1Quantity Demanded by Buyer 2Quantity Demanded by Buyer 3$6746597841510123211516Refer to the table. At a price of $4, the weekly quantity of hamburgers demanded in the market is
A. 37. B. 22. C. 25. D. 41.