Real gross domestic product (RGDP) differs from gross domestic product (GDP) in that RGDP ______.
a. is adjusted for inflation
b. reflects current unemployment figures
c. reflects a stable price level
d. is always smaller than GDP
a. is adjusted for inflation
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An example of rent seeking is
a. lobbying by industrial groups. b. lawsuits between rival firms. c. battles over exclusive licenses. d. All of the above are correct.
Exhibit 10-1 A monopolistic competitive firm
In the long run, the demand curve for the monopolistic competitive firm shown in Exhibit 10-1:
A. shifts leftward. B. remains the same. C. shifts rightward. D. becomes more inelastic.
In the United States during the 1960s, government spending dramatically increased to fight the Vietnam War, which resulted in:
A. demand-pull inflation. B. cost-push inflation. C. a disinflationary recession. D. stagflation.
From the perspective of the United States, a reduction in the nominal exchange rate will cause which of the following?
A) The dollar becomes more expensive to foreigners. B) Foreign goods are less expensive to Americans. C) Foreign currency is less expensive to Americans. D) American goods are less expensive to foreigners. E) none of the above