If prices have increased since the base period, then
A) real GDP is larger than nominal GDP.
B) real GDP can no longer be compared to nominal GDP.
C) real GDP is equal to nominal GDP.
D) real GDP is smaller than nominal GDP.
E) there is no way to adjust nominal GDP so that it equals real GDP.
D
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In the simple economy where y = C + I, equilibrium output is determined at the level of income where saving equals investment
Indicate whether the statement is true or false
Which of the following would likely be the most effective possible solution when a scarce resource is subject to the tragedy of the commons?
A) offer subsidies to the users of the commons B) restrict access to the commons through community norms and laws C) persuade people to use less of the scarce resource through an advertising campaign D) force people to move a great distance away from the commons