In periods of generally rising prices,
a. real GDP will grow faster than nominal GDP.
b. nominal GDP will grow slower than real GDP.
c. real GDP will grow slower than nominal GDP.
d. real GDP and nominal GDP will grow at the same rate.
c
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All the following statements about the Federal Reserve are true EXCEPT the fact that it ________
A) is a public authority B) regulates a nation's depository institutions C) accepts checking deposits from the nation's residents D) controls the quantity of money
In the classical model, and increase in tax on firms that hired labor would
a. decrease labor demand and the real wage and increase output. b. decrease labor supply, increase the real wage, and decrease output. c. decrease labor demand, decrease the real wage, and decrease output. d. reduce real wages and increase output.
The economics of slavery suggests that
(a) slave labor produced efficiencies in Southern agriculture. (b) slave owners possessed economic incentives to beat and exploit their slaves. (c) Southern agriculture was less profitable than northern farming. (d) Southern agriculture was just and moral.
Which of the following is an opportunity cost of attending college?
A. the income you could have earned if you didn't attend college B. the education you gain from attending college C. the cost of the food that you consume while you are attending college D. the cost of your apartment or dorm