Real GDP is obtained by # randomize
A. Nominal GDP divided by GDP deflator.
B. Nominal GDP multiplied by price level.
C. Nominal GDP minus GDP deflator.
D. Nominal GDP divided by CPI.
2) The standard of living is often measured by: # randomize
A. Real GDP per capita
B. Real GDP
C. Real GDP multiplied by population
D. Real GDP plus depreciation
Answer: 1) A. Nominal GDP divided by GDP deflator.
2) A. Real GDP per capita
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From the highest percentage to the lowest percentage, the percentage of revenues earned by businesses in the United States is represented by which of the following?
A) corporations, partnerships, sole proprietorships B) partnerships, corporations, sole proprietorships C) sole proprietorships, partnerships, corporations D) corporations, sole proprietorships, partnerships
Microeconomics is concerned with the study of
A) the effects of inflation. B) the effects of government spending. C) the effects on individual producers of higher wages paid to workers. D) aggregates.
The effort to collect and manage revenue from taxes is called:
A. an externality. B. deadweight loss. C. administrative burden. D. transfer of surplus.
The effect of an increase in aggregate supply is a(n):
a. increase in the general level of prices and a decrease in real output. b. increase in the general level of prices and an increase in real output. c. decrease in the general level of prices and a decrease in real output. d. decrease in the general level of prices and an increase in real output.