Nominal GDP is the value of final goods and services
A) at the prices of that year.
B) at the prices of the immediately previous year.
C) at the prices of a base year.
D) produced in foreign countries but consumed in the domestic country.
A
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The cost of inflation will be minimized if:
A) the growth rate of inflation equals the rate of growth of wages. B) taxes are increased during the periods of high inflation. C) money supply is increased during times of high inflation. D) the growth rate of inflation exceeds the rate of growth of wages.
The Bank of Japan is Japan's central bank. As part of its duties, the Bank of Japan would
A) provide banking services to Japan's citizens and firms. B) provide banking services to foreigners. C) control the quantity of money in circulation in Japan. D) change tax rates.
Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of pineapples in Guatemala?
A) 1/2 of a ton of coconuts B) 1 1/3 tons of coconuts C) 2 tons of coconuts D) 180 tons of coconuts
Suppose the intersection of the IS and LM curves is to the right of the FE line. An increase in the price level would most likely eliminate a disequilibrium among the asset, labor, and goods markets by
A) shifting the LM curve up and to the left. B) shifting the IS curve up and to the right. C) shifting the IS curve down and to the left. D) shifting the FE curve to the left.