The Real GDP of a country is
a. the total income earned by a nation's permanent residents in a given time period divided by the GDP deflator.
b. the market value of all final goods and services produced within a country in a given time period, using prices from a "base" year to calculate the market value.
c. the market value of all final goods and services produced within a country in a given time period, using prices from the current year to calculate the market value.
d. the market value of all final goods and services produced within a country minus losses from depreciation in a given time period.
e. none of the above.
b. the market value of all final goods and services produced within a country in a given time period, using prices from a "base" year to calculate the market value.
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A price floor set above the equilibrium price leads to a(n) ________
A) excess demand for goods in the market B) excess supply of goods in the market C) increase in social well-being D) positive externality
The paradox of value between diamonds and water is explained by the fact that the
A) total utility of diamonds exceeds the total utility of water. B) marginal utility of diamonds exceeds the marginal utility of water. C) total utility of diamonds exceeds the marginal utility of water. D) marginal utility of diamonds exceeds the total utility of water.
GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies
a. 1960 b. 1970 c. 1980 d. 1990 e. 2000
A firm using Baumol's model will do one of the following if the interest rate on short-term securities went up.
A) increase the collection period B) decrease the average cash balance C) increase the average cash balance D) decrease the collection period