What is meant by real Gross Domestic Product? How do you think that you calculate a real statistic?
What will be an ideal response?
Real Gross Domestic product measures total output in the U.S. adjusted for changes in the price level. The easiest way to calculate a real statistic is to use a constant set of prices across every year.
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People debate whether or not the U.S. should allow for greater oil exploration in Northern Alaska. According to the economic way of thinking, the debate is rooted in
A) different perceptions about the additional benefits and the additional costs of oil exploration in Northern Alaska. B) a complete lack of appreciation of the value of wildlife and the ecology of Northern Alaska. C) a complete lack of appreciation of the value of oil in world affairs. D) politics rather than economics.
If profit-maximizing, this firm will charge a price of
A. $8.
B. $10.
C. $12.
D. $16.