Nominal GDP is calculated by using
a. prices set in a base year.
b. average prices in all major cities.
c. current prices
d. prices charged by initial producers.
c
You might also like to view...
In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs
Indicate whether the statement is true or false
If the government enacts a tariff on a component imported by a domestic manufacturer from an international supplier, which of the following would be the best example of a disruptive outcome?
a. The manufacturer would pay a higher price for the component. b. The manufacturer would seek an alternative supplier for the component. c. The manufacturer would move production overseas to the country where the component is manufactured. d. The manufacturer would negotiate a lower price for the component.
Just after the terrorist attack on September 11, 2001, the Fed stood ready to lend financial institutions funds. When the Fed did this, it was acting in its role of lender of last resort
a. True b. False Indicate whether the statement is true or false
If the CPI was 110 this year and 100 last year, then
a. the cost of the CPI basket of goods and services increased by 10 percent this year. b. the price level increased by 110 percent this year. c. the inflation rate for this year was 10 percent higher than the inflation rate for last year. d. All of the above are correct.