Nominal GDP measures income at:
(a) Constant prices.
(b) Fixed prices.
(c) Current prices.
(d) None of the above.
Answer: (c) Current prices.
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The money supply is vertical because
A) prices are indeterminate. B) prices have no real impact. C) the money supply is set by policy. D) prices are counter-cyclical.
Which of the following would NOT be considered a consumption good?
A) a new sweater B) tools used to cut metal on an auto production line C) a jar of Skippy peanut butter D) a bottle of Scotch whiskey
An investor in an index fund earning 12.3% per year would see an investment of $10,000 increase to approximately ____ in 25 years
a. $11,000 b. $48,000 c. $54,000 d. $170,000
If the executives of the U.S. silicon-chip industry lobby Congress for protection from imports on the grounds that theirs is a new industry that needs time to develop technological efficiency, they are using the:
A) environmental standards argument. B) infant industry argument. C) cheap foreign labor argument. D) national security argument.