To differentiate between nominal GDP and real GDP in the year 2000 we need to know all except
a. the quantity of goods produced in 2000
b. the price level in 2000
c. the quantity of goods and services produced in the base year
d. the quantity of services produced in 2000
e. the price level in the base year
C
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What will be an ideal response?
Refer to the table and information below. What is the total cost and total benefit of projects 1, 2, and 3?
A government is considering undertaking one or more construction projects. The estimated marginal costs and benefits of each project are given in the table.
A. Total cost is $18 million and total benefit is $19 million
B. Total cost is $24 million and total benefit is $27 million
C. Total cost is $37 million and total benefit is $41 million
D. Total cost is $65 million and total benefit is $66 million