When there is positive inflation,
A) growth in nominal GDP exceeds growth in real GDP.
B) growth in real GDP exceeds growth in nominal GDP.
C) growth in real GDP and nominal GDP are roughly equal.
D) there can never be any growth in nominal GDP.
A
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GDP measured with constant prices is referred to as
A) real GDP. B) nominal GDP. C) the GDP deflator. D) industrial production.
What is the average total cost of hiring the 7th worker?
a. $400 b. $800 c. $1200 d. $1600
The investment component of GDP includes: a. funds in individual retirement accounts
b. construction of a new steel mill. c. the sale of shares of Coca-Cola stock. d. the purchase of a refrigerator by a household.
The Carters' oldest son attends Big State University. He and his parents pay all his fees and tuition. These payments count in GDP as
a. investment. b. government spending. c. consumption of services. d. consumption of durable goods.