Why do economists prefer to compare Real GDP figures for various years instead of GDP figures?
A) Because when GDP in one year is higher than in another year, there is no way to tell why it is higher. Is it because output is higher, prices are higher, etc.? This is not the case with Real GDP. If Real GDP is higher in one year than in another year, it is because output is higher.
B) Because when GDP in one year is higher than in another year, there is no way of knowing if the quality of goods produced is higher in one year than the other. This is not the case with Real GDP. If Real GDP is higher in one year than in another year, it is because the quality of the goods produced is higher.
C) Actually the question is incorrect. Economists prefer to compare GDP figures instead of Real GDP figures.
D) Because Real GDP is easier to compute than GDP.
E) Because when GDP in one year is higher than in another year, there is no way to tell if the quality of life is higher in one year than the other. This is not the case with Real GDP. If Real GDP is higher in one year than in another year, it is because the quality of life is higher.
A
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The monopolistically competitive seller's demand curve will tend to become more elastic the:
A) smaller the number of sellers. B) greater the degree of product differentiation. C) larger the number of close competitors. D) more significant the barriers to entering an industry.
Other things being equal, a ____ supply of workers tends to ____ real wages
a. larger; decrease b. smaller; decrease c. larger; increase d. smaller; not change
Which of the following countries has had the more successful transition?
a. Poland b. Russia c. Kazakstan d. Georgia e. Kyrgystan
A decrease in the expected price of corn would likely do the following to the current supply and demand for corn:
A) increase both the demand and the supply. B) decrease both the demand and the supply. C) increase the demand, but decrease the supply. D) increase the supply, but decrease the demand.