Janice has calculated the GDP for 2018 by using the total final goods times the 2018 prices of total goods. If Janice wishes to create a real value GDP value for 2018, what must she do?
A. Janice must adjust the total value 2018 GDP for inflation.
B. Janice must divide the total value of consumer goods by the exported goods values.
C. Janice must multiply the total value by the projected GDP for 2019.
Ans: A. Janice must adjust the total value 2018 GDP for inflation.
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Both presidents Kennedy and Reagan proposed significant cuts in income taxes because
A) they wanted to offset their proposals to increase other taxes. B) they believed that the tax cuts would enhance economic efficiency. C) state governments had increased their taxes and they believed the tax cuts they proposed would result in most citizens paying about the same total state and federal taxes. D) at the time of their proposals the federal government was experiencing budget surpluses; that is, tax revenue exceeded government expenditures.
Bank reserves will decrease if
A) Fed liabilities decrease. B) currency held by the public decreases. C) float decreases. D) Fed assets increase.
The problems faced by oligopolies with three or more members are entirely different from the problems faced by duopolies
a. True b. False Indicate whether the statement is true or false
Refer to Figure 22.3 at quantity level B
A. Marginal cost is greater than marginal revenue, so it should cut production. B. Marginal revenue is greater than marginal cost, so the firm should expand production. C. The company is minimizing loss. D. The company is maximizing profit.