Which of the following activities is counted as part of U.S….
Which of the following activities is counted as part of U.S. GDP? a. John purchases a counterfeit DVD. b. Joe watches a free video on YouTube. c. Jake takes a vacation at a Caribbean resort. d. Jeff stays in a hotel in Colorado while on a skiing trip.
Read DetailsThe difference between nominal GDP and real GDP is that nomi…
The difference between nominal GDP and real GDP is that nominal GDP: a. measures the total value of only finished goods and services, whereas real GDP measures the value of all goods and services, both intermediate and finished. b. measures a country’s production of finished goods and services at current market prices, whereas real GDP measures a country’s production of finished goods and services at the same prices in all years. c. is measured in terms of numbers of goods and services produced, whereas real GDP is measured in dollar terms. d. measures a country’s production of finished goods and services at fixed prices, whereas real GDP measures a country’s production of all finished goods and services at current market prices.
Read DetailsExam#1 Q1 Ch4.docx Refer to the figure. When the supply cur…
Exam#1 Q1 Ch4.docx Refer to the figure. When the supply curve shifts from S0 to S1, the equilibrium price rises to: a. $12 and the equilibrium quantity falls to 70. b. $10 and the equilibrium quantity falls to 100. c. $12 and the equilibrium quantity falls to 40. d. $10 and the equilibrium quantity falls to 70.
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