Real GDP values current production at
A) current year prices.
B) the best estimate of next year's prices.
C) the average of price levels over the entire sample period.
D) base year prices.
D
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There are four limitations to the effectiveness of discretionary fiscal policy. Which item below is NOT one of these limitations?
A) shrinking area of lawmaker discretion B) lawmaking time lag C) estimating potential GDP D) fiscal multiplier E) economic forecasting
As the amount of time a consumer has to adjust to a change in price increases, so does the price elasticity of demand for a good
Indicate whether the statement is true or false
One disadvantage of using the government to provide pure public goods is that everyone receives ________ of the public good and has ________ for the public good.
A. the same amount; a different reservation price B. a different amount; the same reservation price C. the same amount; the same reservation price D. a different amount; a different reservation price
The characteristics that money should have include:
A. portability, durability, and flexibility. B. durability, flexibility and stability. C. durability, portability, and non-homogeneity. D. scarcity, portability, and divisibility.