Nominal GDP is:
a) the sum of all monetary transactions that occur in the economy in a year.
b) the sum of all monetary transactions involving final goods and services that occur in the economy in a year.
c) the amount of production that occurs when the economy is operating at full employment.
d) money GDP adjusted for inflation.
a) the sum of all monetary transactions that occur in the economy in a year.
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What factors are most important for determining exchange rate fluctuations in the long run?
A) preferences for domestic and foreign goods across countries B) relative rates of productivity growth across countries C) relative price levels across countries D) All of the above are correct.
The egalitarian principle refers to
A) "To each according to her need." B) "To each exactly the same." C) "To each according to her productivity." D) "To each according to his ability."