Real GDP is obtained by # randomize
A. Nominal GDP divided by GDP deflator.
B. Nominal GDP multiplied by price level.
C. Nominal GDP minus GDP deflator.
D. Nominal GDP divided by CPI.
2) The standard of living is often measured by: # randomize
A. Real GDP per capita
B. Real GDP
C. Real GDP multiplied by population
D. Real GDP plus depreciation
Answer: 1) A. Nominal GDP divided by GDP deflator.
2) A. Real GDP per capita
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In the figure above, which budget line has the lowest relative price of compact discs?
A) AD B) BD C) CD D) The relative price is equal for all three budget lines.
Narrow framing:
A. refers to the observation that people tend to value something more highly when they own it than when they don't. B. refers to the observation that people tend to value something more highly when they don't own it than when they do. D. refers to the observation that people must make choices in the presence of uncertainty.