Nominal GDP is Multiple Choice money GDP adjusted for inflation. the amount of production that occurs when the economy is operating at full employment. the sum of all monetary transactions that occur in the economy in a year. the sum of all monetary transactions involving final goods and services that occur in the economy in a year.

Which of the following statements is not correct? 1) trade allows for specialization. 2) trade has the potential to benefit all nations. 3) trade allows nations to consume outside of their production possibilities curves. 4) absolute advantage is the driving force of specialization.

True or flase? a. new technological developments can us adapt to depleting sources of natural resources. b. research and development funds from the government to private industry never pay off for the country as a whole; they only increase the profits of rich corporations. c. in order for fledgling industries in poor nations to thrive, they must receive protection from foreign trade. d. countries with few natural resources will always be poor. e. as long as real gdp (gross domestic product) grows at a slower rate than the population, per capita real gdp increases.

If springfield is operating at full employment who is working a. everyone b. about 96% of the workforce c. the entire work force d. the robots