The value of a country's final goods and services after adjusting for changes due to inflation is called its _____
a. real GDP
b. nominal GDP
c. disposable income
d. net national product
e. full employment output
a
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U.S. dollars can currently be exchanged for gold by foreign central banks, but not by U.S. citizens
Indicate whether the statement is true or false
An increase in the effective corporate tax rate due to increased inflation results in
a. a upward shift of the investment schedule. b. a downward shift of the investment schedule. c. no shift of the investment schedule. d. a rightward shift of the saving schedule.
In 2003, federal government expenditures as a percentage of GDP were around _____
a. 10 percent b. 20 percent c. 30 percent d. 40 percent
A firm that is earning zero economic profit should go out of business
a. True b. False Indicate whether the statement is true or false