Real GDP is most commonly used to monitor short-run changes in
a) economic activity.
b) the rate at which a person can trade the currency of one country for the currency of another.
c) the income distribution over time.
d) the price index from the preceding period.
Answer: a) economic activity.
Economics
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Refer to Figure 7.1. If Angus chooses to earn the most money and Dudley calls the police, Dudley will receive a daily payoff of
A) $350. B) $550. C) $700. D) none of the above
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Refer to the above table. If the price of the good produced is $9, the marginal revenue product of the 13th worker is
A. $684. B. $63. C. $36. D. $81.
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