Which of the following statements is correct?
a. As a group, economists see no purpose in distinguishing between the nominal interest rate and the real interest rate.
b. The interest rate that is usually reported is the nominal interest rate.
c. If the nominal interest rate increases and the inflation rate remains unchanged, then the real interest rate decreases.
d. All of the above are correct.
b
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The sum of all the income categories listed in the National Income and Product Accounts adds up to
A) gross domestic product. B) net national product. C) net domestic product at factor cost. D) disposable income after taxes. E) gross national product.
Which of the following would be the best example of an oligopolistic industry?
A) agriculture B) large aircraft manufacturing C) confections D) retail convenience stores