GDP is most often discussed using ________ figures, although it is typically calculated ________.
A. quarterly; annually
B. annual; monthly
C. annual; quarterly
D. quarterly; monthly
Answer: C
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An increase in the U.S. price level (foreign prices held constant) will cause a leftward shift in the aggregate demand curve.
Answer the following statement true (T) or false (F)
The Leontief Paradox
A) failed to support the validity of the Heckscher-Ohlin model. B) supported the validity of the Ricardian theory of comparative advantage. C) supported the validity of the Heckscher-Ohlin model. D) failed to support the validity of the Ricardian theory. E) proved that the U.S. economy is different from all others.
Assume that in year 1 an economy produces 1000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 1000 units of output, and sells it for $110 a unit, on average. Use year 1 prices to calculate real GDP
in Year 1 and Year 2. What happened to real GDP between years 1 and 2? Why? What will be an ideal response?
A typical wheat farmer would never consider cost-plus-markup pricing because
A) he cannot clearly estimate his costs. B) the most profitable price he can ask for is the prevailing market price. C) the government won't allow it. D) he is a price searcher.