Real GDP differs from nominal GDP in that nominal GDP measures
a. output adjusted for inflation.
b. real output of goods and services.
c. output of goods and services at current prices.
d. real income adjusted for changes in the price level.
c
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Suppose the market for cement is one where there are a large number of buyers and sellers, and everyone conducts transactions at a common market price. Which of the following statements is true about the structure of the cement market?
A) The cement market is free and competitive. B) The cement market is government regulated. C) All participants in the cement market set their own prices. D) All transactions in the cement market are likely to be involuntary.
The more block prices a monopoly can set instead of setting a single price,
A) the smaller the deadweight loss. B) the more producer surplus. C) the larger the total welfare. D) All of the above.
How are technological advance and capital formation related?
Please provide the best answer for the statement.
The greatest benefit to an economy from international trade is:
A. greater employment in the export sector of the economy. B. the economic power it gives a nation over other countries. C. full employment of its labor force. D. consumption beyond domestic production possibilities.