When economists speak of changes in GDP measured in constant dollars, they mean that
What will be an ideal response?
a price index has been used to adjust money GDP for the effects of inflation
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An increase in the real exchange rate
A) makes imports more expensive. B) makes imports less expensive. C) does not affect import values. D) always makes the number of imports rise. E) makes domestic consumers spend more on only foreign imports.
The telephone is an example of a product with network externalities
What will be an ideal response?
The economic concept of scarcity refers to the fact that:
A. the United States will always have a battle to fight hunger. B. resources are often wasted and shortages are often the result. C. income must be redistributed through taxation in order to address income disparity. D. limited resources require economies to make choices among production alternatives.
More bidders tend to increase the selling price in a second-price auction because
a. bidders bid less aggressively b. the true value of the losers is lower c. the true values of the losers is higher d. Both A&C