What is the difference between nominal and real GDP?
a. Nominal GDP is adjusted for changes in the price level; real GDP is not.
b. Real GDP is adjusted for taxes and transfer payments; nominal GDP is not.
c. Real GDP is adjusted for changes in the price level; nominal GDP is not.
d. Nominal GDP is adjusted for depreciation; real GDP is not.
e. Real GDP is adjusted for depreciation; nominal GDP is not.
C
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The figure above shows the market for annual influenza immunizations the United States. If the government intervenes in the market and provides a $10 subsidy to providers of immunizations, the number of people immunized is ________
A) 20 million per year. B) exactly 10 million per year. C) between 15 and 20 million per year. D) less than 10 million per year. E) more than 10 million and less than 15 million.
Natural resources are
a. not considered scarce because no one pays for them b. only desired for use in producing other goods c. included in the category of resources called gifts of nature d. available in unlimited quantities e. not considered scarce because they are not produced by society