Real GDP measures ________.
A. base year output at current prices
B. current output at current prices
C. base year output at current exchange rates
D. current output at base year prices
Answer: D
You might also like to view...
Which of the following is the correct statement of the marginal rule for optimal input proportions? The input proportion is optimal when
A. PA= PB. B. MPPA= MPPB. C. PA×MPPA= PB×MPPB. D. PA/PB= MPPA/MPPB.
In 1997, the Justice Department brought a lawsuit against ________ because its growing market power had enabled the company to crush competitors, eliminate competition and innovation.
A. Microsoft B. Walt Disney C. Exxon D. Standard Oil
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
A monopoly producing a chip at a marginal cost of $6 per unit faces a demand elasticity of ?2.5. Which price should it charge to optimize its profits?
A. $10 per unit B. $6 per unit C. $8 per unit D. $12 per unit