Nominal GDP measures the ________ of production.
A. current dollar value
B. physical volume
C. base year value
D. change in the volume
Answer: A
You might also like to view...
A bag has 10 green balls, 6 blue balls, and 44 purple balls. A ball is picked randomly from the bag. What is the probability that it is a: a) green ball. b) blue ball. c) purple ball
What will be an ideal response?
The strategy underlying price discrimination is
a. to charge higher prices to customers who have good substitutes available to them and lower prices to customers without many substitutes available to them.. b. to charge everyone the same price but limit the quantity they are allowed to buy. c. to increase total revenue by charging higher prices to those with the most inelastic demand for the product and lower prices to those with the most elastic demand. d. to reduce per-unit cost by charging higher prices to those with the most inelastic demand and lower prices to those with the most elastic demand.
Well-defined property rights:
A. are clearly written in English. B. clearly state who owns resources and how the resources can be used. C. allow the government to confiscate property. D. restrict the use of land and natural resources to productive uses.
A production possibilities curve with quantities of clothing and food on the axes shows which of the following?I.A society cannot have an unlimited amount of each good.II.For an efficient society, an increase in clothing production will necessitate a decrease in food production.III.A society will always produce the maximum amount of both clothing and food.
A. I only B. II only C. III only D. Both I and II