If GDP in year 1 is the same dollar amount as the GDP in year 2, does it follow that Real GDP in year 1 is the same as Real GDP in year 2?
A) Yes, since prices must necessarily be the same in the two years.
B) No, since equal GDP figures do not account for population.
C) No, since prices may not be the same in the two years.
D) Yes, since equal GDP figures do account for a change in the quality of goods produced in the two years.
E) none of the above
C
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"The aggregate demand multiplier results in the aggregate demand curve shifting by more than any given initial change in expenditure." Is the previous statement correct or incorrect?
What will be an ideal response?
In thinking about the criteria for an ideal voting system, needing no dictator means:
A. one person cannot have the power to enact his or her own preferences. B. those in power must be forced to listen to the will of the people when enacting policy. C. the presence of pure democracy is needed, so everyone gets a vote. D. one person cannot have their preferences represented in what voters decide upon.
Which of the following is an example of government spending?
a. A state government investing in electric vehicles for its employees b. A state government importing twice as much oil this year than it did the previous year c. A public sector firm increasing its expenditure on advertisement d. A publicly traded firm selling one-third of its shares
Unions
a. raise the wages of unionized workers and raise unemployment. b. raise the wages of unionized workers and reduce unemployment. c. reduce the wages of unionized workers and raise unemployment. d. reduce the wages of unionized workers and reduce unemployment.