Real GDP refers to ________.
A. GDP data that does not reflect changes in both physical output and the price level
B. the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income
C. GDP data that embodies changes in the price level but not changes in physical output
D. GDP data that has been adjusted for changes in the price level
Answer: D
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Aggregation allows economists to ________ at the cost of ________.
A. make normative statements; ignoring positive analysis B. make positive statements; ignoring normative analysis C. see the big picture; obscuring the details D. see the details; obscuring the big picture
Which approach to measuring money focuses on the value of currency, transaction deposits, and travelers checks?
A) near moneys B) the liquidity approach C) M2 D) the transactions approach
In the Keynesian-cross model, if government purchases increase by 250, then the equilibrium level of income:
What will be an ideal response?
The practice of outsourcing has been given a boost by
A) advances in telecommunications and computer networking. B) support from organized labor. C) firms that are becoming more risk-averse. D) sharp increases in the cost of overseas labor.