Nominal GDP is output measured in ________ prices while real GDP is output measured in ________ prices
A) current; current
B) current; fixed
C) fixed; fixed
D) fixed; current
B
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If the state of Washington's government collects $75 billion in tax revenues in 2013 and total spending in the same year is $74.8 billion, the result will be a:
a. a decrease in the payroll tax b. budget surplus c. an increase in spending d. budget deficit
Central banks get the purchasing power to buy government securities by:
a. Increasing their liabilities in the form of deposits from banks. b. Reducing currency in circulation. c. Making discount loans to banks. d. Taking loans from the government. e. All of the above.
Firms who effectively differentiate their product from their competitors' products do so by having:
A. perceived, but not real, differences in product design. B. real, not just perceived, differences in product design. C. real or perceived differences in product design. D. None of these statements is true.
The longer any price change persists, the
A. more likely price will return to its original level. B. greater is the price elasticity of demand. C. more difficult it is to alter quantity demanded. D. lower is the price elasticity of demand.