________ gross domestic product is the value of ________ linked back to the prices of a single year.
A) Nominal; total production
B) Real; production possibilities
C) Real; total production
D) Productivity; the consumer price index
Correct Answer:
Verified
Q7: Gross domestic product (GDP) measures the
A) number
Q14: A trough is the
A)upper turning point of
Q15: Real GDP is not a perfect indicator
Q16: Gross domestic product
A)measures the value of labour
Q17: In the circular flow of economic activity,
A)aggregate
Q18: Government expenditures included in the expenditure approach
Q21: Let C represent consumption expenditure, S saving,
Q22: Two methods of measuring GDP are
A)the income
Q23: The four parts of the business cycle
Q24: The factor market can BEST be described
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