Does GDP for a particular year include items produced in a previous year?
a. Nominal GDP will not and real GDP will
b. Real GDP will and nominal GDP will not
c. Yes for both nominal and real GDP
d. No for both nominal and real GDP
d
Economics
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Which of the following statements is true of perfect competition?
A) The outcome in a perfectly competitive market is Pareto inefficient. B) The total value of production across a perfectly competitive industry is maximized. C) Firms under perfect competition produce at a point where price is greater than marginal cost. D) Consumers in a competitive market purchase at a point where marginal utility is greater than price.
Economics
If the cost of a market basket is $200 in 2006 and $230 in 2007, the price index for 2007 using 2006 as the base year is
A. 1.00. B. 1.15. C. 1.30. D. 2.00.
Economics