To examine how the total production of an economy has changed over time, it would be better to examine
A) real GDP.
B) nominal GDP.
C) GDP at current prices.
D) the GDP deflator.
Answer: A
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The time it takes for policy makers to obtain data indicating what is happening in the economy is called
A) the data lag. B) the recognition lag. C) the legislative lag. D) the implementation lag. E) the effectiveness lag.
Given the values in the table above, the real interest rate r = ________ when equilibrium output Y = 15
A) 9.8 B) 3.8 C) 3.18 D) 10 E) none of the above
Refer to the above figure. Profits will be negative
A) when the price equals $2. B) when the price is above $2. C) when the price is below $2. D) only when the price equals $1.
The existence of an inflationary gap or an recessionary gap depends on the
a. aggregate supply only. b. expenditure schedule. c. leakages schedule. d. injections schedule. e. aggregate demand and aggregate supply schedules.