If nominal GDP doubles and the GDP deflator doubles, then real GDP
a. remains constant.
b. doubles.
c. triples.
d. quadruples.
a
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High value-added per employee is associated with:
a. capital intensive industries. b. labor intensive industries. c. the shoe industry in 1860. d. the use of unskilled labor.
In the circular-flow diagram, another name for goods and services produced by firms is
a. factors of production. b. output. c. inputs. d. resources.
At a price of $4, quantity supplied is 120, and at a price of $10, quantity supplied is 300. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.
A. 1; unit elastic B. 0.40; inelastic C. 2.5; elastic D. 0.1; inelastic
Explain why exports are added to, and imports are subtracted from, aggregate expenditures in moving from a private closed economy to a private open economy.
What will be an ideal response?