When one converts nominal GDP to real GDP, one takes into account which of the following?
A. changes in the distribution of income
B. changes in the quality of goods
C. changes in the population
D. none of these
Answer: D
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The fiscal and monetary policy alternative to fine-tuning is
A) abandonment of both fiscal and monetary policy. B) abandonment of fiscal policy in favor of exclusive reliance on monetary policy. C) budgets established for the long term and a steady growth rate for the money stock. D) price and wage controls. E) redistribution of income in favor of those with a higher propensity to spend.
Explain how an increase in business investment at a constant price level changes equilibrium expenditure
What will be an ideal response?
Which of the following shifts the aggregate supply curve to the left?
a. An improvement in computer technology b. A war that forces people to ration their food and their use of energy c. An increase in real wage rates d. Discovery of a new oil field e. Lower oil prices in the world market
Stagflation is a contraction, or stagnation, of a nation's output accompanied by inflation in the price level
Indicate whether the statement is true or false