Real GDP
a. is nominal GDP adjusted for changes in the price level.
b. is also called nominal GDP.
c. measures GDP minus depreciation of capital.
d. will always change when prices change.
a
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The ________ is the European Union's ultimate decision-making body and is composed of the different ministers of the member countries.
A) European Commission B) Council of the European Union C) European Parliament D) European Court of Justice
Which type of the market failure exists when the effect of one party's economic activities on another party is not taken into account by the price system?
A. Imperfect competition B. Externalities C. Public goods D. Imperfect information
Why does perfect competition often lead to a market in which profits tend toward zero?
What will be an ideal response?
When a regulator is concerned about pleasing different groups in order to keep employed, this is known as the
A) share-the-gains, share-the-pains theory. B) regulatory hypothesis. C) capture hypothesis. D) creative theory.