A nation's nominal gross domestic product (GDP) ________.
A. is always some amount less than C + I + G + NX
B. is the dollar value of all final output produced by its citizens, regardless of where they are living
C. can be found by summing C + I + S + NX
D. is the dollar value of all final output produced within the borders of the nation during a specific period of time
Answer: D
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Suppose a tax on sellers has been imposed in the graph shown. Once the tax is in place, the buyers purchase ____ units and pay ____ for each one.
A. 15; $16
B. 15; $6
C. 31; $9
D. 31; $19
The basic difference between macroeconomics and microeconomics is that
What will be an ideal response?
Which of the following factors might make capital mobility less than perfect?
a. Risks due to exchange rate changes b. Differential risk on the assets of different countries c. Technological progress, which improves the quality of information on foreign assets d. both a and b. e. All of the above
A value of the absolute price elasticity of demand equal to 0.25 indicates that
A) a 5% decrease in price leads to a 2% increase in quantity demanded. B) a 2% decrease in price leads to a 25% increase in quantity demanded. C) a 1% decrease in price leads to a 2.5% increase in quantity demanded. D) a 0.25% decrease in price leads to a 1% increase in quantity.