Ans) the correct option is c) real GDP adjusts for inflation
Nominal GDP refers to GDP in today's, dollars whereas real GDP holds prices constant
nthis communty College Qiz 1 Quiz 3: Take on Odigia Website: Macr PCC Canvas D. None...
D stocks, bonds 5 Which of the following is included in the calculated Gross Domestic Product? O A. Farmer Freddie sells his second tractor to his son. B. Suzanne buys a love seat and chair for $85 at the yard sale on the corner. O c. A local ice cream store sells $17,000 worth of cones and sundaes on July O D. Mr. Farkle mows his own lawn. 6 Which of the following is not counted as a part of...
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Macroeconmics
received a 39 increase in your bominal wage and over the year, ination ran about 30) Suppose you received a Which of the following is nie? a) your nominal wage fell b) your real wage feil c) although your nominal wage fell your real waye d) both nominal and real wages increased 31) The actual rate of unemploy rate of employment will be greater than the naturale actual output in weater...
1. A self-employed woman marries the man she has been paying to do her accounting. After they marry they decide there is no point continuing to write a check to him since they are now one-household. What effect does this have on GDP? Select one: a. None, since only their legal status changes and the same amount of productive activity is being done. b. GDP decreases because his accounting services were an intermediate good and are now a final good....
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...
Question 1: According to Milton Friedman, the reason there are two Phillips curves is because a. prices are inflexible. b. the expected inflation rate does not instantaneously adjust to changes in the actual inflation rate. c. the expected inflation rate is equal to 1 minus the actual inflation rate. d. the expected inflation rate adjusts to changes in the actual inflation rate. Question 2: Milton Friedman argued that there a, are two Phillips curves, a short-run one and a long-run...
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...
macoroeconomics
1. Society as a whole faces opportunity costs because a. there is not enough money to go around b. politicians are greedy c. resources are scarce d. our needs are unlimited 2. Mary decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $9 an hour. Her opportunity cost of working is: a. the enjoyment she would have received had she watched the video with friends. b. $27 she earns working c....
Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....
Match the following: 2. Adam Smith 3. Karl Marx 4. John Maynard Keynes Choices: (2 are not used.) a. invented capitalism b. invented socialism c. founder of modern macroeconomics d. founder of modern market economics e. predicted the end of capitalism 5. If a firm has trouble selling its good, it can a. lower price. b. increase demand. c. decrease supply. d. both a) and b) are correct. 6. People often pay too much for goods because they are not...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...