The GDP price index equals ________.
A. gross private domestic investment less the consumption of fixed capital
B. nominal GDP divided by real GDP
C. gross national product less net foreign factor income earned in the United States
D. real GDP divided by nominal GDP
Answer: B
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If banks receive a greater amount of reserves and do not hold all of these reserves as excess reserves, the money supply expands
Indicate whether the statement is true or false
Suppose that when the price of root beer rises 10%, the quantity of pizza demanded falls 5%. This would mean that pizza and root beer are
A) substitutes, with a cross price elasticity of 0.5. B) complements, with a cross price elasticity of -0.5. C) substitutes, with a cross price elasticity of -2.0. D) complements, with a cross price elasticity of -2.0.
A measure of consumer surplus in any market is
a. total expenditure on the good b. the area above the supply curve and below the price c. the area beneath the demand curve d. the area beneath the demand curve and above the price e. the market price
Moving along an elastic portion of a demand curve, a small percentage change in price leads to a larger percentage change in quantity demanded
a. True b. False Indicate whether the statement is true or false