When economists speak of changes in GDP measured in constant dollars, they mean that
a. money GDP is constant.
b. the price level is constant.
c. a price index has been used to adjust money GDP for the effects of inflation.
d. the growth rate of money GDP has been adjusted for changes in population.
C
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By reviewing its sales records, Dell economists discover that when Dell lowers the price of its personal computers, the total revenue Dell obtains from the sale of its personal computers rises. Hence
A) supply of Dell personal computers is elastic. B) demand for Dell personal computers is elastic. C) supply of Dell personal computers is inelastic. D) demand for Dell personal computers is inelastic.
In the balance of payments, all of the following are deficit items EXCEPT
A) imports of merchandise. B) funds placed in foreign depository institutions. C) sales of dollars to foreigners. D) tourism expenditures abroad.