Individuals will make choices to maximize their:
A. constraints.
B. utility.
C. income.
D. values.
B. utility.
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Pollution is a by-product of some production processes, so on this count real GDP as measured
A) is adjusted downward to take into account the pollution. B) is adjusted upward to take into account the expenditures that will be made in the future to clean up the pollution. C) tends to overstate economic welfare. D) tends to understate economic welfare.
If real GDP in 2018 (using 2009 prices) is lower than nominal GDP of 2017, then
A) prices in 2018 are lower than prices in 2017. B) nominal GDP in 2018 equals nominal GDP in 2017. C) prices in 2018 are higher than prices in 2017. D) real GDP in 2018 is larger than real GDP in 2017.
A person's wealth is the total value of all the things they own.
Answer the following statement true (T) or false (F)
The current international monetary system is based on a gold standard.
Answer the following statement true (T) or false (F)