Nominal GDP in a given year is GDP
A) valued in the prices of the base year.
B) valued in the prices of that year.
C) adjusted for inflation.
D) adjusted for the value of intermediate goods.
B
You might also like to view...
Your cellular phone contract is due for renewal and the company offers you a new free phone. Since you want to use your new phone, you decide to recycle your old phone. Your action
a. Creates wealth by moving the phone from lower value use to higher value use b. Destroys wealth since you lose your phone c. Creates wealth by making you feel richer d. All of the above
If a rising price leads to falling revenues, then demand is elastic.
a. true b. false
The short-run profit-maximizing output level for a monopolistically competitive firm is the point at which
A. MR = MC. B. MR > ATC. C. P = ATC. D. MR > P.
Answer the next question based on the following data. All figures are in billions of dollars.Government purchases$10Consumption115Gross investment35Consumption of fixed capital7Exports11Imports14 This nation's GDP is ________.
A. $163 billion B. $164 billion C. $157 billion D. $171 billion