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Econ 202 Exam 1 with Answers.
_____ uses a basket with all goods and services - GDP deflator _____ uses a fixed basket - CPI (Graph) Why is nominal GDP in 2009 greater than real GDP of 2009? - Market prices of 2009 are greater than market prices of 2005 A 10% (example) increase in factors of production causes real GDP to increase by 10% - constant returns to scale A certain percentage increase in factors of production that causes real GDP to increase by MORE than that percentage - increasing returns to scale A certai...
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_____ uses a basket with all goods and services - GDP deflator _____ uses a fixed basket - CPI (Graph) Why is nominal GDP in 2009 greater than real GDP of 2009? - Market prices of 2009 are greater than market prices of 2005 A 10% (example) increase in factors of production causes real GDP to increase by 10% - constant returns to scale A certain percentage increase in factors of production that causes real GDP to increase by MORE than that percentage - increasing returns to scale A certai...