increase in the short run but eventually decline.
in quantities of physical units (for example, pounds, gallons, and bushels).
as an index number.
in dollar amounts and percentage growth.
in percentage terms.
Diesel fuel bought for a delivery truck.
A haircut purchased by a father for his 12 year-old son.
Fertilizer purchased by a farm supplier.
Chevrolet windows purchased by a General Motors assembly plant.
consumption, investment, wages, and rents.
consumption, investment, government purchases, and imports.
consumption, investment, government purchases, exports, and imports.
consumption, investment, government purchases, and net exports.
public capital goods only.
government consumption goods, public capital goods, and transfer payments.
government consumption goods and public capital goods.
government consumption goods only.
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.
GDP data that do not reflect changes in both physical output and the price level.
a ratio of real GDP to nominal GDP.
a comparison of real GDP in one period relative to another.
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 comparison of the current price of a market basket to a fixed point of reference.
The price of the product for which the demand curve is relevant.
Prices of complementary goods.
rise, 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.
fall, the supply of bread to increase, and the demand for potatoes to increase.
will rise in the near future.
is in equilibrium.
is below the equilibrium level.
is above 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.
clear the market.
induce new firms to enter the industry.
result in a product surplus.
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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