Exports are domestically produced goods and services
A) sold to other countries.
B) sold to the government.
C) sold at home.
D) which are used to produce other goods and services.
Answer: A
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The slope of the aggregate demand curve illustrates that as the price level rises,
A. real GDP demanded decreases. B. real GDP demanded increases. C. the aggregate demand curve shifts rightward. D. the aggregate demand curve shifts leftward.
Gross domestic product (GDP) decreases if the quantity of illegal drugs sold decreases
a. True b. False Indicate whether the statement is true or false
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data. year units of output price per unit 1 3 3 2 4 4 3 6 5 4 7 7 5 8 8 Refer to the above data. For the years shown, the growth of:
a) real GDP has exceeded the growth of nominal GDP. b) nominal GDP accurately reflects changes in real output. c) nominal GDP overstates increases in real output. d) nominal GDP understates increases in real output.
Using Figure 1.3 and starting from PP1, an increase in the capacity to produce can be represented by a movement from
A. Point A to point C. B. Point B to point C. C. Point A to point B. D. Point C to point F.