When studying changes in the economy over time, economists want a measure of the total quantity of goods and services the economy is producing that is not affected by changes in the prices of those goods and services. In other words, economists want to study

Which of these is the best measure of the average standard of living in an economy?

a. The unemployment rate b. Nominal income c. Real GDP d. National debt e. Real GDP per capita

All of the following are examples of demand shocks, except one. Which is the exception?

a. A spontaneous decrease in money demand b. A tax increase c. A contraction of the money supply by the Fed d. An increase in the price level e. A reduction in government spending