The value of final output produced in a given period, measured in current prices, is
A. GNP.
B. Real GDP.
C. Nominal GDP.
D. NDP.
Answer: C
You might also like to view...
Which of the following is not correct?
a. In a labor market, the wage adjusts to balance the supply and demand for labor. b. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor. c. Any event that changes the supply or demand for labor must change the equilibrium wage. d. Any event that changes the supply or demand for labor must change the value of the marginal product.
Consumption = $1,000; investment = $200; net exports = -$50; taxes = $230; private saving = $225; and national saving = $150. Refer to Scenario 26-3. For this economy, government purchases amount to
a. $330. b. $280. c. $305. d. $310.
Distinguish between saving and savings. How does investment relate to this distinction, if at all?
What will be an ideal response?
The process a firm uses to turn inputs into outputs of goods and services is called technology
Indicate whether the statement is true or false