Real GDP means GDP:
A. valued at prices in a base year.
B. that does not change from year to year.
C. corrected for changes in quality.
D. valued at prices at which goods are actually sold.
Answer: A
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The national debt is
What will be an ideal response?
One major reason that economists are concerned about unemployment is that
A. unemployment reduces the size of the labor force. B. the economy is producing less output than if there were full employment. C. unemployment always leads to frictional unemployment. D. unemployment shifts the production possibilities curve outward.
If the money multiplier is 4, the required reserve ratio is
A. 4%. B. 20%. C. 25%. D. 50%.
A pure monopoly is defined as having only one seller.
Answer the following statement true (T) or false (F)