Nominal GDP measures the value of goods and services produced in a given year valued using
A) base year prices.
B) future prices.
C) prices of the same year.
D) constant prices.
E) no prices.
C
You might also like to view...
Compared to a single-price monopoly, the output of a perfectly competitive market with the same costs
A) is more than the monopoly's output. B) is the same as the monopoly's output. C) is less than the monopoly's output. D) could be more than, less than, or equal to the monopoly's output.
Other than OPEC, the shortage of gasoline in the U.S. in the 1970s could also be blamed on
a. a sharp increase in the demand for gasoline that was brought on by the Vietnam War.
b. the government's policy of maintaining a price ceiling on gasoline.
c. an indifference among U.S. consumers toward conservation.
d. the lack of substitutes for crude oil.
Which of the following "costs" could a firm that wants to remain in business avoid if it halted current production?
A. Opportunity costs B. Variable costs C. Fixed costs D. Sunk costs
In the long run, a decrease in aggregate demand will lead to a(n) _____
Fill in the blank(s) with the appropriate word(s).