Real GDP in a given year is
A) GDP valued in the prices of the base year.
B) GDP valued in the prices of that year.
C) always less than nominal GDP for the same year.
D) GDP adjusted for the value of intermediate goods.
A
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The wage rate for high-skilled labor is higher than that for low-skilled labor because
A) both the demand for and the supply of high-skilled labor is greater than that for low-skilled labor. B) the demand for high-skilled labor is greater than the demand for low-skilled labor and the supply of high-skilled labor is less than the supply of low-skilled labor. C) the demand for high-skilled labor is less than the demand for low-skilled labor and the supply of high-skilled labor is greater than the supply of low-skilled labor. D) both the demand for and the supply of high-skilled labor is less than that for low-skilled labor.
Increases in ________ typically lead to decreases in consumption
A) the interest rate B) disposable income C) autonomous consumption D) all of the above E) none of the above