Is nominal GDP measured in terms of quantity or in terms of dollars? If dollars, the value of the dollar from what period? Is real GDP measured in terms of quantity or in terms of dollars? If dollars, the value of the dollar from what period?
What will be an ideal response?
Both nominal GDP and real GDP are measured in terms of dollars. Nominal GDP is measured using the value of the dollar for that specific year, and real GDP is measured using the value of the dollar for the base year.
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Specialization of productive activity between men and women might explain why
A) a married woman earns less than a married man. B) a never-married man earns more than a never-married woman. C) a never-married man earns the same as a married man. D) None of the above answers is correct.
Which of the following causes a leftward shift in the short-run aggregate supply curve? a. An increase of goods prices while nominal incomes are unchanged
b. An increase in nominal incomes. c. An increase of full-employment real GDP. d. An increase of personal consumption expenditures while the price level is unchanged. e. An increase of personal consumption expenditures while full-employment real GDP is unchanged.
Suppose you walk into an unemployment office and found the following people: a laid-off Mall Santa Claus, an unemployed Auto industry worker ( who is subject to call back by their company),A woman who lost her job at a manufacturer because the company relocated to Mexico, and a nurse who just moved to town because his wife recently started a new job. Assign the following labels to the people above: frictionally unemployed, structurally unemployed, and seasonally unemployed. Then, explain your assignment of the terms to each person.
All else equal, what is the impact of an increase in the price of feed on fed cattle markets?
A. Decrease in the price and decrease in the quantity of fed cattle. B. Decrease in the price and increase in the quantity of fed cattle. C. Increase in the price and decrease in the quantity of fed cattle. D. Increase in the price and increase in the quantity of fed cattle.