The measure of production that values output using base-year prices is called
A) underground GDP. B) nominal GDP.
C) real GDP. D) value-added GDP.
C
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Refer to the table above. The firm ________ in the short run
A) earns a profit of $22 B) incurs a loss of $22 C) earns a profit of $76 D) incurs a loss of $76
Refer to the accompanying figure. It is efficient for this farmer to:
A. grow 1,000 bushels of wheat and 500 bushels of corn. B. grow 250 bushels of wheat and 500 bushels of corn. C. grow 500 bushels of wheat and 500 bushels of corn. D. grow 500 bushels of wheat and 250 bushels of corn.
TANF sets a lifetime cap for benefits at 10 years.
Answer the following statement true (T) or false (F)
Given a fixed upsloping AS curve, a rightward shift of the AD curve will:
A. cause cost-push inflation. B. increase real output but not the price level. C. increase the price level but not real output. D. increase both the price level and real output.