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29. ________ is GDP measured in current dollars with all components valued at current prices. Per capita GDP Net GDP Adjusted GDP Nominal GDP Real GDP
Difficulty: 1 QuestionID: 02-1-29 Page-Reference: 28 Skill: Knowledge Objective: 2.2 Answer: Nominal GDP 30. Which of the following best describes the term gross national product? Total quantity of goods and services produced by an economic system Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located Total value of all goods and services produced within a given period by a national economy through domestic factors of production Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system Conditions of the economic system in which an organization operates
Difficulty: 2 QuestionID: 02-1-30 Page-Reference: 28 Skill: Comprehension Objective: 2.2 Answer: Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located 31. The principle of ________ states that exchange rates are set so that the prices of similar products in different countries are about the same. nominal GDP gross national product consumer price index equal prices purchasing power parity
Difficulty: 1 QuestionID: 02-1-31 Page-Reference: 28-29 Skill: Knowledge Objective: 2.2 Answer: purchasing power parity
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