________ gross domestic product is the value of ________ linked back to the prices of a single year
A) Real; total production
B) Real; production possibilities
C) Productivity; the consumer price index
D) Nominal; total production
A
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Everything else remaining unchanged, what is likely to happen to the credit supply curve of households if:
a. there is a decrease in the real interest rate? b. households expect a recession in near future? What will be an ideal response?
When a negative externality is present in a market, when a quota is imposed, it is:
A. efficient, because the market consumes the efficient level. B. efficient, because the net benefit of everyone at the amount set by the quota is equal. C. not efficient, because individuals' net benefits from the amount set by the quota are different. D. not efficient, because the marginal cost outweighs the marginal benefit for too many consumers at the amount set by the quota.