The measure of GDP which effectively updates the prices for the base year each year and reduces the errors from changes in relative prices and the introduction of new goods and services is called the
A) nominal GDP.
B) real GDP.
C) deflated GDP.
D) chain-weighted GDP.
D
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When the price of a good is lower than the equilibrium price,
a. a surplus will exist. b. buyers desire to purchase more than is produced. c. sellers desire to produce and sell more than buyers wish to purchase. d. quantity supplied exceeds quantity demanded.
Which of the following statements about money is not true?
A. There is an opportunity cost of holding money. B. Present dollars are worth more than future dollars. C. Income-earning investment opportunities exist. D. When interest rates are positive, future dollars are more valuable than present dollars.
Stellar Electronics sells all of the 20,000 GPS devices it produced for a price of $50 each. Every consumer who wants a GPS device from Stellar is able to buy one. This example shows ______.
a. market surplus b. individual equilibrium c. market equilibrium d. individual surplus
U.S. goods will become relatively less expensive than goods from other countries if prices were to:
A. decrease in the United States and foreign countries at the same rate. B. decrease in the United States only. C. increase in the United States and foreign countries at the same rate. D. increase in the United States only.