A nation's gross domestic product (GDP):
A. can be found by summing C + I g + G + X n .
B. is the dollar value of the total output produced by its citizens, regardless of where they are
living.
C. can be found by summing C + S + G + X n .
D. is always some amount less than its NDP.
A. can be found by summing C + I g + G + X n .
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Which of the following is true?
A) The gap between the income per capita of U.S and the income per capita of poorer countries is small when exchange rate-based measures are used. B) The gap between the income per capita of U.S and the income per capita of poorer countries is large when PPP-based measures are used. C) Exchange rate-based measures of income per capita are identical to PPP-based measures. D) Exchange rate-based measures of income per capita differ from PPP-based measures of income per capita.
Which of the following shifts both the LAS and SAS curves?
A) a change in the price level B) a change in the money wage rate C) a simultaneous change in both the price level and the money wage rate D) an advance in technology
Which one of the following would benefit financially from unanticipated inflation?
A) a borrower whose loan has a fixed nominal interest rate B) a borrower with an adjustable rate mortgage C) a bank that has made loans at a fixed nominal interest rate D) a firm whose workers are covered by a COLA agreement
In any given market, prices are determined by
A. supply and demand. B. transactions costs. C. specialization of labor. D. comparative advantage.