A measure of GDP in which quantities produced are valued at the prices of a fixed base year is called:
A. real GDP.
B. current GDP.
C. nominal GDP.
D. base GDP.
Answer: A
You might also like to view...
Since 1970, a sizable part of the growth of the U.S. labor force has been due to
a. increased immigration. b. the entry of more women into the labor force. c. a lower age limit for labor force membership. d. increased labor union membership.
The use of a price system eliminates: a. scarcity
b. equilibrium. c. shortages and surpluses. d. changes in supply and demand.
Refer to the graph shown. Assuming that this monopolist maximizes profit, it will produce:
A. 700 units of output per day. B. 300 units of output per day. C. 800 units of output per day. D. 600 units of output per day.
Using Figure 48.1, modeling the attacks of September 11, 2001, you would show the aggregate supply shock by using 
Figure 48.1
A. Panel 1 only with a shift from ADA to ADB. B. Panel 2 only with a shift from ASB to ASA. C. Panel 1 only with a shift from ADB to ADA. D. Panel 1 to model the aggregate demand shock (ADB to ADA) and Panel 2 to model the aggregate supply shock (ASB to ASA).