Real gross domestic product (GDP) is measured in terms of _____
a. current-year prices
b. base-year prices
c. foreign currencies
d. the quality of goods produced
e. hours of employment
b
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In the figure above, the second poorest 20 percent of households receive ________ of total income
A) 5 percent B) 10 percent C) 15 percent D) 20 percent
Why did the United States abandon the gold standard in the 1930s?
A) The government wanted to move away from a floating exchange rate system to a fixed exchange rate system. B) The Treasury Department in the United States found it was cheaper to print paper money instead of gold coins. C) The government wanted to rapidly expand the money supply in response to the Great Depression. D) New sources of gold were discovered, so the price of gold plummeted, dramatically reducing the value of the dollar.