Real gross domestic product (GDP) shows:
a. total spending on intermediate goods and services.
b. constant dollar GDP.
c. net domestic product
d. nominal GDP adjusted for taxes.
e. domestic income.
b
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Which of the following would cause an increase in the supply of peanut butter?
A) a decrease in the price of grape jelly (assuming that peanut butter and grape jelly are complements) B) an increase in the price of peanut butter C) an increase in the number of firms that produce peanut butter D) an increase the price of a product that producers sell instead of peanut butter
If firms sell exactly what they expected to sell, all of the following will be true except
A) aggregate expenditure will be greater than GDP. B) there is no unplanned change in inventories. C) aggregate expenditure will be equal to GDP. D) inventories will not change, and GDP and employment will remain stable.
The value and cost of goods are easiest to determine when the goods are
a. common resources. b. public goods. c. club goods. d. private goods.
Economic models are used to:
A. explain every detail of an economic theory. B. explore decision making by individuals, firms and other organizations. C. build physical renditions of government construction projects. D. represent the complexities of economic environments.