Nominal GDP is:
A. the sum of all monetary transactions that occur in the economy in a year.
B. the sum of all monetary transactions involving final goods and services that occur in the economy in a year.
C. the amount of production that occurs when the economy is operating at full employment.
D. money GDP adjusted for inflation.
B. the sum of all monetary transactions involving final goods and services that occur in the
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The occurrence of the Great Depression offered evidence that supported
a. the classical theory of economics b. the need for the government to practice the policy of laissez faire c. the need for the government to control prices d. Congress to take action to stop rising prices e. the Keynesian idea that the government needed to guide the economy
Labor productivity is derived by dividing GDP by
a. itself b. the capital-output ratio c. national income d. capital stock e. the quantity of labor