Real GDP
a. is the current dollar value of all goods produced by the citizens of an economy within a given time.
b. measures economic activity and income.
c. is used primarily to measure long-run changes rather than short-run fluctuations.
d. All of the above are correct.
b
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An increase in price will result in an increase in total revenue if demand is:
A) perfectly elastic. B) relatively elastic. C) inelastic. D) unit elastic.
The small-economy assumption is necessary to analyze the gains and losses from international trade
a. True b. False Indicate whether the statement is true or false
One could argue that GDP is not a good measure of the standard of living in a nation because it ________.
A. excludes payments for pollution control equipment B. does not account for the size of the population C. does not account for the cost of police protection D. includes the cost of health insurance
The value of transactions in the underground economy is estimated to be about what percentage of GDP in the United States?
A. 2 percent B. 8 percent C. 19 percent D. 25 percent