Nominal GDP differs from real GDP in that:Select one:a. Nominal GDP is calculated using the quantities of goods and services produced during the base year only, but real GDP uses the quantities for each year.b. Nominal GDP is calculated using the prices of goods and services during the base year only, but real GDP uses the prices for each year.c. Real GDP is calculated using the prices of goods and services during the base year only, but nominal GDP uses the prices for each year.d. Real GDP is calculated using the quantities of goods and services produced during the base year only, but nominal GDP uses the quantities for each year.f all other things are equal, an increase in an economys exports will:Select one:a. Lower the marginal propensity to import.b. Have no effect on domestic GDP because imports will change by an offsetting amount.c. Decrease its domestic aggregate expenditures and therefore decrease its equilibrium GDP.d. Increase its domestic aggregate expenditures and therefore increase its equilibrium GDP.Changes in the discount rate are:Select one:a. The most powerful and useful tool of monetary policy.b. Less frequent than changes in the reserve ratio.c. More important than open-market operations.d. Less important than open-market operations in implementing monetary policy.If the CPI = 100 in Year 1 and the CPI = 85 in Year 2, then between Year 1 and Year 2, we can conclude that prices:Select one:a. Increased by 85%.b. Decreased by 85%.c. Increased by 15%.d. Decreased by 15%.As disposable income goes up, the:Select one:a. APC falls.b. APS falls.c. Volume of consumption declines absolutely.d. Volume of investment diminishes.If the labor force consists of 100 persons and 85 of those persons are employed, the resulting unemployment rate will equal:Select one:a. 85%.b. 8.5%.c. 15%.d. 1.5%.Which of the following is true about the U.S. Federal Reserve System?Select one:a. The head of the U.S. Treasury also chairs the Federal Reserve Board.b. There are 10 regional Federal Reserve Banks.c. There are seven members of the Fed Board of Governors.d. The Open Market Committee is smaller in size than the Federal Reserve Board.If the demand for money and the supply of money both decrease, the equilibrium:Select one:a. Interest rate will decline, but we cannot predict the change in the equilibrium quantity of money.b. Quantity of money and the equilibrium interest rate will both increase.c. Quantity of money will increase, but we cannot predict the change in the equilibrium interest rate.d. Quantity of money will decline, but we cannot predict the change in the equilibrium interest rate.When people are looking for work in the interim period between jobs, they are likely to be classified as:Select one:a. Seasonally unemployed.b. Structurally unemployed.c. Frictionally unemployed.d. Cyclically unemployed.Actual investment is:Select one:a. Gross investment less replacement investment.b. The ratio of planned investment to unintended increases in inventories.c. Unintended increases in inventories less planned investment.d. Planned investment plus unintended increases in inventories.Which of the following people will MOST likely be classified as structurally unemployed?Select one:a. A laid-off auto mechanicb. A construction workerc. A bank tellerd. A person who repairs typewritersAn appropriate fiscal policy for severe inflation is:Select one:a. An increase in government spending.b. Depreciation of the dollar.c. A reduction in interest rates.d. A tax rate increase.
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