Author Question: Nominal GDP is the value of final goods and services A) at the prices of that year. B) at the ... (Read 39 times)

abarnes · **on:** Jun 29, 2018

Nominal GDP is the value of final goods and services

A) at the prices of that year.
B) at the prices of the immediately previous year.
C) at the prices of a base year.
D) produced in foreign countries but consumed in the domestic country.

Question 2

A 20 percent increase in the quantity of pizza demanded results from a 10 percent decline in its price. The price elasticity of demand for pizza is

A) 0.5.
B) 2.0.
C) 10.0.
D) 20.0.