Nominal GDP measures the value of all goods and services
A. without inflation.
B. in fixed dollars.
C. in constant dollars.
D. in current dollars.
Answer: D
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If you have $5000 and the GDP deflator decreases from 100 to 80
A) the $5000 will buy 20 percent more of the goods and services produced by society. B) the value of the $5000 remains constant. C) the $5000 will buy 20 percent less of the goods and services produced by society. D) the value of the $5000 decreases.
The debt burden in the United States was highest during
A) the 1980s. B) the 1960s. C) World War II. D) World War I.
Fractional reserve banking began
A) in ancient Greece. B) in the early nineteenth century. C) in the early twentieth century. D) in the Middle Ages.
Other things remaining the same, which of the following is likely to increase both the wage rate and the number of workers hired in a rice farm?
A) An increase in the price of rice B) A decrease in the price of rice C) A decrease in the population in the area where the farm is located D) An increase in the population in the area where the farm is located