increase in the short run but eventually decline.
in percentage terms.
in quantities of physical units (for example, pounds, gallons, and bushels).
as an index number.
in dollar amounts and percentage growth.
A haircut purchased by a father for his 12 year-old son.
Chevrolet windows purchased by a General Motors assembly plant.
Diesel fuel bought for a delivery truck.
Fertilizer purchased by a farm supplier.
consumption, investment, wages, and rents.
consumption, investment, government purchases, exports, and imports.
consumption, investment, government purchases, and imports.
consumption, investment, government purchases, and net exports.
government consumption goods and public capital goods.
government consumption goods only.
government consumption goods, public capital goods, and transfer payments.
public capital goods only.
GDP data that do not reflect changes in both physical output and the price level.
the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income.
GDP data that embody changes in the price level but not changes in physical output.
GDP data that have been adjusted for changes in the price level.
a comparison of the current price of a market basket to a fixed point of reference.
the cost of a market basket of goods and services in a base period divided by the cost of the same market basket in another period.
a ratio of real GDP to nominal GDP.
a comparison of real GDP in one period relative to another.
The price of the product for which the demand curve is relevant.
Prices of complementary goods.
fall, the supply of bread to increase, and the demand for potatoes to increase.
rise, the supply of bread to decrease, and the demand for potatoes to decrease.
rise, the supply of bread to decrease, and the demand for potatoes to increase.
rise, the supply of bread to increase, and the demand for potatoes to increase.
is in equilibrium.
will rise in the near future.
is above the equilibrium level.
is below the equilibrium level.
fewer resources will be allocated to the production of this good.
the price of the product will decline.
the price of the product will rise.
the supply curve will shift to the left and the demand curve to the right, eliminating the shortage.
result in a product surplus.
induce new firms to enter the industry.
clear the market.
result in a product shortage.
force some firms in this industry to go out of business.
not a member of the labor force.
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