Question

answer all please, thank you

13. We can calculate GDP by:

a. adding the value of all final goods and services.

b. adding the value added by each industry at each stage of the production process. c. adding together the value of all factor inputs.

d. all of the above.

14. You want to compare the GDP growth rate of two countries. Which statement is true?

a. You want to measure nominal GDP because it shows you the change in output only.

b. You want to measure real GDP because this tells you the change in output only.

c. You want to measure nominal GDP because it shows you the change in output and prices.

d. You want to measure real GDP because it shows you the change in output and prices.

15. The US discovers new oil reserves, making the price of oil drop. In the short run this causes

a. Aggregate demand to shift in.

b. Aggregate demand to shift out.

c. Short-run aggregate supply to shift in.

d. Short-run aggregate supply to shift out.

Answer 1