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| Economics Help? 1.In the second quarter (3 month period) of 2001, U.S. nominal GDP increased but U.S. real GDP declined. We can conclude that: a) nominal income declined by more than personal income. b) the price level rose by more than nominal GDP. c) real wages declined by more then read GDP. d) the price level fel by more than real GDP. (i think that is the right answer, but not sure) 2.The simplest way to calculate GDP is to sum the total sales of all business firms (True or False) 3.Disposable income measures the before-tax income received by resource suppliers (True or False) 4.Within the circular flow model, the level of total resource income and total spending on output will be approximately equal (True or False) 5. If real GDP is 50 and niminal GDP is 100, the GDP price index is 200 (true or False) 6.A price index is 100 times the ration of real GDP to nominal GDP (True or False) 7. NDP can be determind by adding taxes on production and imports to GDP. (True or False) Thanks!! |
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