When GDP is measured using "adjustments for price changes" it is known as the
A. nominal GDP.
B. real GNP.
C. real GDP.
D. nominal GNP.
Answer: C
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The concept of demand as used in economic theory expresses the relationship between the quantity of a good people will want to purchase and
A) the price of complementary goods. B) the price of that good. C) the supply of substitute goods. D) the supply of that good. E) their welfare overall.
If a firm enlarges its factory size and realizes higher average costs of production then:
A. it has experienced economies of scale. B. it has experienced diseconomies of scale. C. it has experienced constant returns to scale. D. the long-run average cost curve slopes downward.
If the MPC = 0.80, the cumulative decrease in total spending resulting from an initial $150 recessionary gap would be
A. $150. B. $187.5. C. $750. D. $500.
Federal antitrust laws in the United States are enforced
A) solely by the Federal Trade Commission. B) solely by the Department of Justice. C) by the Department of Justice and by the Federal Trade Commission. D) by the Department of Commerce.