Real GDP is
A) an increase in the average level of prices.
B) the value of total production of all the nation's farms, factories, shops and offices measured in the prices of a single year.
C) the value of total production when the unemployment rate is 6 per cent.
D) the value of total production of all the nation's farms, factories, shops and offices measured at the prices of the year it was produced.
Correct Answer:
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Q61: Because pollution reduces economic welfare, on this
Q62: All of the following are included in
Q63: The largest component of GDP in the
Q64: Business cycles are
A)unpredictable, but always have two
Q65: The circular flow diagram shows
A)the effects of
Q67: In any year, real GDP
A)always equals potential
Q68: Net exports of goods and services equal
Q69: Gross private domestic investment is all purchases
Q70: Gross domestic product is a measure of
Q71: The business cycle refers to
A)changes in the
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