Real gross domestic product is a measure of the:
A.
Average price level in the economy
B.
Value of final output produced within a country in one year, using current prices
C.
Value of final output produced within a country in one year, adjusted for changing prices
D.
Total value of available resources in a nation
C.
Value of final output produced within a country in one year, adjusted for changing prices
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The barter system requires the double coincidence of wants to be fulfilled
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Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N each increase by 5 percent, and A is unchanged, by how much does Y increase?
A) 5% B) 10% C) 15% D) 20%
There is a paradox that water has a high marginal utility, yet we value it little, while diamonds have a low marginal utility, while we value them highly
Indicate whether the statement is true or false
Potential GDP refers to the quantity of output that an economy can produce with full employment of its labor and physical capital
a. True b. False Indicate whether the statement is true or false