When the BEA calculates real GDP using the average of prices in the current year and the year preceding it, and this average changes from year to year, this is called calculating GDP using
A) current-year prices. B) fixed-weight prices.
C) fixed base-year prices. D) chained-weighted prices.
D
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When a currency decreases in value relative to another currency, the currency has
A) declined. B) appreciated. C) accelerated. D) decelerated. E) depreciated.
What is the difference between positive economic analysis and normative economic analysis? Give one example each of a positive and normative economic issue or question or statement
What will be an ideal response?
The value of the goods and services Australia purchases from the U.S. are less than the value of goods and services the U.S. purchases from Australia. The U.S. has
a. positive net exports with Australia and a trade surplus with Australia. b. positive net exports with Australia and a trade deficit with Australia. c. negative net exports with Australia and a trade surplus with Australia. d. negative net exports with Australia and a trade deficit with Australia.
The average fixed cost (AFC) curve
A. Declines as long as output increases. B. Intersects the marginal cost curve at its minimum point. C. Is intersected at its minimum point by marginal cost. D. Is U-shaped as a result of diminishing returns.