Nominal GDP is the value of final goods and services
A) at the prices of that year.
B) at the prices of the immediately previous year.
C) at the prices of a base year.
D) produced in foreign countries but consumed in the domestic country.
A
Economics
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Deciding if a company will produce automobiles by robotics or manual labor answers the economic question of
A) how will the products be produced. B) who consumes the products produced. C) where will the products be consumed. D) what products will be produced.
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The Ricardian model can be simplified and made more explanatory by assuming that there is only one resource used in producing goods. What did Ricardo assume the resource was?
a. capital b. technology c. labor d. loanable funds
Economics