Which of the following creates difficulties in making comparisons of real GDP across nations?
A. Each nation has a different population.
B. Nations produce different goods and services.
C. Relative prices differ sharply across countries.
D. Nations often have different languages.
Answer: C
You might also like to view...
The higher the number of people who have access to e-mail, the more valuable it is to everyone. This is an example of a(n) ________
A) moral hazard B) adverse selection C) network externality D) negative externality
Classical economic theory predicted that in the long run the economy would experience:
a. below full unemployment. b. rising rate of inflation. c. full employment. d. idle factors of production.
Selection bias is unique to the field of economic research.
Answer the following statement true (T) or false (F)
The change in the unemployment rate is approximately equal to
A) the negative of the growth rate of output. B) the negative policy rate. C) the negative inflation rate. D) the negative of the growth rate of money supply.