Real GDP is a better gauge of economic well-being than is nominal GDP
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following best illustrates the difference between GDP and GNP?
a. GDP measures the goods consumed by the citizens of a country, while GNP measures output exported to other countries. b. GDP measures the output produced by the citizens within a country, while GNP measures output produced by noncitizens within a country. c. GDP measures the output produced by the citizens of a country, while GNP measures output produced within the borders of a country. d. GDP measures the output produced within the borders of a country, while GNP measures output produced by the citizens of a country.
Private solutions may not be possible due to the costs of negotiating and enforcing these solutions. Such costs are called
a. transaction costs. b. corrective costs. c. input costs. d. private costs.