Gross domestic product that is based on existing prices is called:
a. nominal GDP.
b. current GDP.
c. money GDP.
d. all of these.
d
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The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________
A) population; production B) population; income C) population; GDP per capita D) production; population
In the short run, a constant (as a percentage of profits) corporate income tax imposed on a monopolist will _____
a. cause capital to flee the industry b. cause output to fall c. leave output unchanged d. cause output to rise
Manufacturers of packaged foods are not required to list nutritional contents on their labels
Indicate whether the statement is true or false
To own a taxicab in New York City, you must own a medallion. New York City regulates the number of official cabs by limiting the number of medallions. Explain why the New York cab industry is not competitive by reviewing the four conditions necessary for competition. NYC violates which one?
What will be an ideal response?