GDP equals a. Aggregate income b. The value of the aggregate production in a country during...
GDP equals
a. Aggregate income
b. The value of the aggregate production in a country during a given time period
c. Aggregate expenditure
d. All of the above
Choose the correct statement
a. Potential GDP per person grew faster in the 1970s then in the 1960s
b. Real GDP per person grows at a constant rate
c. Real GDP per person in the United States doubled between 1960 and 2016
d. Real GDP per person is real GDP divided by the population
Consider the market for broccoli. If the price of a pound of broccoli increases, what happens to the supply of broccoli?
a, there will be no change in the supply of broccoli, but instead is a decrease in the quantity supplied of broccoli
b. There will be no Change in the supply of broccoli, but instead an increase in the quantity supplied of broccoli
c. The supply of broccoli decreases
d. The supply of broccoli increases
Homework Answers
- d
Gdp equals aggregate income or value of final goods and services.
- d
Real gdp per person = real gdp / population
- c
Change in price of the good does not shift the supply curve but only causes movement along the supply curve.
Add Answer to:
GDP equals
a. Aggregate income
b. The value of the aggregate production in a country during...
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Long run aggregate supply is the relationship between the quantity of real GDP supplied and the price level when the maintain full employment changes in step with the price level to O A. money wage rate OB. quantity of money OC. real wage rate OD. interest rate supplied and the when the money wage rate, the prices of other resources and Short run aggregate supply is the relationship between the quantity of potential GDP remain constant O A real GDP...
Assume that the potential GDP of the economy of Arlon is $1,500, and that the aggregate...
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4. In the short-run, a decrease in the GDP deflator will a) Decrease aggregate quantity supplied b) Have no effec...
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