Comparing nominal GDP of 2012 to nominal GDP of twenty years ago
A) is an inaccurate measure of the change in total production.
B) has no economic meaning.
C) will be an accurate measure of the change in total production.
D) determines the extent to which the cost of living changed.
E) cannot be done because the two GDP measures use different prices.
Question 2
Total revenue earned from the sale of a good is:
A) the price at which the good is sold.
B) the difference between price and cost of production of the good.
C) the product of price and quantity of the good sold in the market.
D) the product of cost of production and quantity of the good sold in the market.
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