Nominal GDP uses constant base-year prices to place a value on the economy's production of goods and services, while real GDP uses current prices to place a value on the economy's production of goods and services
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the market for grass seed is expressed as:
Demand: QD = 100 - 2p Supply: QS = 3p Price elasticity of supply is constant at 1. If the supply curve is changed to Q = 8p, price elasticity of supply is still constant at one. Yet with the new supply curve, consumers pay a larger share of a specific tax. Why?
Which of the following does the United States import?
a. cotton b. wheat c. oil seeds d. zinc e. barley
“Cream skimming” usually results in
A. cross-subsidization of markets. B. subsidies to rural consumers of the service. C. regulations to provide universal service. D. monopoly.
A measure of the value of a specified collection of goods and services in a given year as compared to the value of a highly similar collection of goods and services in a reference year is called a......
What will be an ideal response?