
GDP
Quiz by Denise Vosika
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What is the fundamental problem of economics?
What type of economic system does the United States have
Who starts businesses in a Capitalism (United States)?
Why is competition good for the consumer and protected?
What is the law of demand
What is the law of supply
Increases in demand cause prices to
decreases in demand cause prices to
Many sellers with identical products- lowest prices for consumers
One seller, unique product - highest prices for consumers unless regulated
Highest source of revenue for the Federal government
Primary source of state tax revenue
Primary source of local tax revenue
Nominal gross domestic product is
Real GDP is (DEFINITION)
Is Real GDP adjusted for inflation?
Is nominal GDP adjusted for inflation?
Bob buys and Old car (not produced this year)
If John buys a loaf of bread
If Walmart buys new cash registers
We Export cars to Japan
Government increases spending on education