Which of the following is a true statement about real and nominal GDP?
A) Nominal GDP is a better measure than real GDP in comparing changes in the production of goods and service year after year.
B) If real GDP increases from one year to the next, we know that production of goods and services has risen.
C) Increases in average prices do not affect the calculation of nominal GDP.
D) If nominal GDP increases from one year to the next, we know that production of goods and services has risen.
Question 2
Many golf courses charge members an annual membership fee as well as a fee each time they golf. One reason for this is
A) charging both fees allows the courses to transfer more producer surplus into profit than charging only an admission fee.
B) golf courses do not want their members to overuse their fairways. Charging for each round of golf played reduces fairway maintenance costs.
C) research has shown that charging both fees increases the likelihood that golfers will renew their memberships.
D) charging both fees allows the courses to transfer more consumer surplus into profit than charging only an admission fee.
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