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

Economics

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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.

Economics

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

Economics

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

Economics

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?

Economics