Real GDP is the
A. Value of final output produced in a given period measured in current prices.
B. Value of final output produced in a given period, adjusted for changing prices.
C. Value of output produced, including the nonmarket activities that are not counted in nominal GDP.
D. Intangible quality of goods and services produced in the economy.
Answer: B
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In the above figure, what is the profit at the profit-maximizing output level?
A. $20 B. $10 C. $70 D. $2
In the figure above, with international trade American consumers buy ________ million shirts per year
A) 48 B) 32 C) 16 D) 24
On a balance sheet, stockholder's equity is equal to
A) assets minus liabilities. B) long-term liabilities minus current liabilities. C) total assets minus goodwill. D) the total value of outstanding shares of stock.
If the cross price elasticity of demand between goods A and B was equal to 0.5, those goods are substitutes
a. True b. False Indicate whether the statement is true or false