GDP expressed in constant, or unchanging, prices is called -
a. net national product
b. real GDP
c. price level
d. nominal GDP
Ans: b. real GDP
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Assume the demand for sugar decreases and the supply of sugar increases. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of sugar will rise. B. The equilibrium price of sugar will rise. C. The equilibrium quantity of sugar will fall. D. The equilibrium price of sugar will fall.
Studies and recent experience suggest that there is considerable potential for substitution between doctors and nurses in the production of health care services
Indicate whether the statement is true or false
Which of the following countries has had the greatest productivity per worker within the last ten years?
a. Germany b. Nigeria c. Nicaragua d. India
Describe the three basic tools used by the Fed to change the money supply. Which of these tools is most relied on in practice? Least relied on? Why?
What will be an ideal response?