If you wanted to measure whether the output of an economy was increasing or decreasing across time periods, you would use the real GDP data rather than the nominal GDP data because
a. exports are excluded from real GDP but not nominal.
b. real GDP incorporates the impact of federal budget deficits and surpluses; nominal GDP does not.
c. real GDP reflects the impact of transfer payments on the economy, but nominal GDP does not.
d. real GDP adjusts for changes in the general level of prices, but nominal GDP does not.
D
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In the figure above, the demand curve shifts rightward from D0 to D1 so that D1 is the relevant demand curve. Suppose the government imposes a rent ceiling of $500 per month. In the short run there will be
A) a surplus of apartments. B) a shortage of 200,000 apartments. C) a shortage of 300,000 apartments. D) neither a shortage nor a surplus of apartments.
Of the following, when would the U.S. exchange rate rise the most?
A) when the supply of and demand for U.S. dollars increase B) when the supply of U.S. dollars increases and the demand for them decreases C) when the supply of U.S. dollars decreases and the demand for them increases D) when the supply of and demand for U.S. dollars decrease