To calculate nominal GDP, you:
a. Multiply the quantity of everything consumed by the price of everything consumed, and sum the results.
b. Multiply the exchange rate by the price of each good and service produced. Then sum them and divide by the domestic price index.
c. Add the price of everything consumed to the quantity of everything consumed and sum the results.
d. Add the quantities of everything produced to the average national price level and then multiply times one plus the inflation rate [i.e., (1 + inflation rate)].
e. Multiply the quantity of everything produced by the price of everything produced, and sum the results.
.E
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If domestic residents of other countries purchase $600 billion of U.S. assets and U.S residents purchase $500 billion of foreign assets, then U.S. net capital outflow is
a. $100 billion and the U.S. has a trade surplus. b. $100 billion and the U.S has a trade deficit. c. -$100 billion and the U.S. has a trade surplus. d. -$100 billion and the U.S. has a trade deficit.
Non-inflation-adjusted ("nominal") gasoline prices reached their all-time highs in
A. 2001. B. 2008. C. 1991. D. 1982.