Real gross domestic product is a measure of the:
A.
Average price level in the economy
B.
Value of final output produced within a country in one year, using current prices
C.
Value of final output produced within a country in one year, adjusted for changing prices
D.
Total value of available resources in a nation
C.
Value of final output produced within a country in one year, adjusted for changing prices
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National output and national income are essentially the same because
A) every purchase implies a sale. B) every cost implies a benefit. C) every profit implies a loss. D) every gain implies a sacrifice.
Refer to Table 7-5
a. Which person has an absolute advantage in the production of pens? Pencils? b. Which person has a comparative advantage in the production of pens? c. Which person has a comparative advantage in the production of pencils?