In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?
What will be an ideal response?
GDP stands for gross domestic product and measures the value of the total production of final goods and services. "Real" indicates that the goods and services produced are valued using the prices of the base year, not the current year, and therefore are adjusted for inflation.
You might also like to view...
Which of the following changes will cause a downward movement along the demand curve for reserves?
A) A decrease in deposits held by banks B) A decrease in the federal funds rate C) An increase in deposits held by banks D) An increase in the federal funds rate
The above figure shows the U.S. market for wheat. With international trade, ________ is the transfer of surplus from consumers to producers
A) area B + area C B) area D C) area C + area F D) area C + area D E) area B + area C + area D
Nonexcludability is a feature of
A) goods but not services. B) all nonrival goods. C) goods with an external cost. D) public goods.
Which of the following would most likely cause the supply of wheat to increase?
What will be an ideal response?