If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately:
A.
$3,846 billion
B.
$3,925 billion
C.
$4,108 billion
D.
$4,379 billion
C.
$4,108 billion
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The quantity equation becomes the basis for a theory when we assume that velocity of money is constant
Indicate whether the statement is true or false
When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation
a. oligopoly b. monopoly c. pure competition d. substitution e. monopolistic competition
The total amount of money that a government owes at a point in time is called:
A. a budget deficit. B. a budget surplus. C. public debt. D. national surplus.
Which of the following is not an advantage of the chain weighted CPI over the fixed CPI?
a. the chain-type index includes newer products b. the chain index incorporates the increase in the quality of goods c. the chain index includes discounting and the substitution of products d. the chain index includes the price of the product only at standard prices