Gross domestic product (GDP) measures and reports output:
A. as an index number.
B. in percentage terms.
C. in dollar amounts and percentage growth.
D. in quantities of physical units (for example, pounds, gallons, and bushels).
Answer: C
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A shift of the supply curve of oil raises the price from $70 a barrel to $80 a barrel and reduces the quantity demanded from 40 million to 38 million barrels a day. You can conclude that the
A) demand for oil is elastic. B) demand for oil is inelastic. C) supply of oil is elastic. D) supply of oil is inelastic.
When a firm experiences a positive technological change
A) the price of a share of the firm's stock rises. B) the firm is able to produce more output using the same inputs, or the same output using fewer inputs. C) the value of the firm's assets rises. D) the firm will hire additional workers in order to increase production.