Nominal gross domestic product (GDP) is measured in terms of the _____
a. current-year prices
b. base-year prices
c. export of goods and services
d. amount of taxes collected
e. hours of employment
a
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The total amount spent to buy new physical capital and replace old capital is referred to as
A) net investment. B) wealth. C) gross investment. D) savings. E) depreciation.
The above figure illustrates a perfectly competitive firm. Curve A represents the
A) MR curve. B) ATC curve. C) MC curve. D) AVC curve. E) AFC curve.
The extent of discrimination is
a. measured by the differences in incomes. b. the reason for two-thirds of the income differential between black male workers and white male workers. c. difficult to quantify and controversial. d. easily measured for each category of workers.
A Gini coefficient of 1 denotes:
A. perfect inequality of income distribution. B. zero income. C. perfect equality of income distribution. D. infinite income.