Which component(s) of U.S. real GDP increased in size relative to total U.S. real GDP from 1950 to 2000?
A. Agriculture and manufacturing.
B. Only manufacturing.
C. Only agriculture.
D. Only services.
Answer: D
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According to the textbook, Monetary policymaking is most accurately described as:
A. both an art and a science B. superior to other policies, since it is conducted by economists. C. a science due to detailed models used D. an art as human judgments are necessary
Refer to Mexico and Japan. What is the cost of producing 1 bolt of clothing in Mexico?
a. 6 hours of labor.
b. 2 bushels of food.
c. 3 bushels of imported Japanese food.
d. 4 bolts of imported Japanese cloth.
Using the chained-dollar method to calculate real GDP, real GDP is calculated by
A) valuing the current output at last year's real GDP prices. B) valuing the current output at current year prices. C) averaging the growth of output from one year to the next when the growth rates are calculated using this year's prices and using last year's prices. D) either A or C, depending which gives the larger value for real GDP. E) averaging the value of current output valued using base year prices and current output valued using current year prices.
Points that lie outside (or beyond) the PPF are
A) attainable. B) unattainable. C) efficient. D) inefficient.