In the United States, real GDP is currently calculated using
A) a variable-weighting scheme.
B) a chain-weighting scheme.
C) a fixed-weighting scheme.
D) an autoregressive scheme.
B
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The income approach to measuring GDP involves adding up the following ________
A) household income and income generated by firms B) private spending, tax revenues and government spending C) transfer payments and income taxes D) interest income, profits and social security benefits E) wages, benefits and interest income
According to the textbook, what was Adam and Eve's economy like?
a. primitive, because technology in the Garden of Eden was non-existent b. wasteful, because Adam and Eve did not know how to use the abundant resources available c. underemployed, because there were only two workers d. there was no economy because there was no reason to economize e. the same as ours because the law of scarcity is universal
Voluntary exchange
a. is usually beneficial to one party, but not the other. b. is always beneficial to both parties. c. is occasionally beneficial to both parties. d. occurs only between nations, not between individuals.
According to the Keynesian view, if policy makers thought the economy was about to enter an inflationary boom, which of the following would be most appropriate?
a. a tax increase b. a planned increase in the budget deficit c. an increase government expenditures d. a tax decrease