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The difference between nominal GDP and real GDP is that nominal GDP:
A. measures a country's production of final goods and services at current market prices, whereas real GDP measures a country's production of final goods and services at the same prices in all years.
B. is measured in dollar terms, whereas real GDP is measured in terms of numbers of goods and services produced
C. measures the total value of only final goods and services, whereas real GDP measures the value of all goods and services, both intermediate and final
D. measures a country's production of final goods and services at fixed prices, whereas real GDP measures a country's production of all final goods and services at current market prices
Assume that firms A and B have the same minimum efficient scale of operation and, at current production levels, both firms are incurring the same average costs of production. However, firm A's output is 5 times larger than firm B's output. How is thi..
q1. in may 2011 the average price of gasoline in the united states was 3.76 per gallon and consumers bought 5 percent
In the United States, say gasoline costs consumers about $2.50 per gallon. In Italy, say it costs consumers about $6 per gallon. What effect does this price differential likely have on miles driven in the United States compared to Italy?
If an economy experiences increasing prospect costs with respect to two goods, then the production-possibilities curve between the two goods will be.
Everything else equal, if health depreciation rate decreases, the EQUILIBRIUM Health level
If the number of employed people in a population is 149,444 , the unemployment rate 5%, and the Labor Force participation rate 62.5%, calculate the working age population, number of unemployed people, and the Labor Force.
Explain how income distribution is measured and discuss its effects. How income distribution is measured using a Gini coefficient? Is a less equal distribution of income good or bad for a country’s economic growth?
We noted in this chapter that foreign central banks, especially in Asia, accumulated large dollar foreign reserves after 2000. One persistent worry was that those central banks, fearing dollar depreciation, would shift their reserve holdings from dol..
Explore how firms in monopolistic competition differentiate their products or services to generate a market niche and gain more control over their pricing. To what extent can product differentiation create barriers to entry?
Explain in terms your parents would understand how mandating employer-paid insurance is likely to lead to a permanent loss of jobs for low-paid workers
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
Why is the selection of the type of distribution critical to the success of the product and the company that is trying to sell it? What are some of the factors that need to be addressed when determining the optimal channels of distribution?
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