The current value of real GDP is

A. less than $10 trillion
B. between $10 trillion and $14 trillion
C. between $14 trillion and $18 trillion
D. more than $18 trillion

Ans: C. between $14 trillion and $18 trillion

Economics

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Labor productivity is defined as

A. the amount of output a typical worker turns out in an hour of work. B. the amount of output the best worker turns out in a day of work. C. the amount of output improvement in a year of work. D. the amount of average output improvement for a team in a year of work.

Economics

For economic efficiency, which of the following conditions should be met?

A. Scarcer goods should have lower prices. B. More abundant goods should have lower prices. C. More abundant goods should have higher prices. D. All goods should have equal prices.

Economics