Recently, the government announced that it would discontinue the production of a particular military aircraft. How will this decision affect the circular flow model?.

5. real versus nominal gdp consider a simple economy that produces two goods: cupcakes and muffins. the following table shows the prices and quantities of the goods over a three-year period. year cupcakes muffins price quantity price quantity (dollars per cupcake) (number of cupcakes) (dollars per muffin) (number of muffins) 2014 2 115 5 175 2015 4 150 2 180 2016 1 100 2 160 use the information from the preceding table to fill in the following table. year nominal gdp real gdp gdp deflator (dollars) (base year 2014, dollars) 2014 2015 2016 from 2015 to 2016, nominal gdp , and real gdp . the inflation rate in 2016 was . why is real gdp a more accurate measure of an economy's production than nominal gdp? real gdp does not include the value of intermediate goods and services, but nominal gdp does. real gdp measures the value of the goods and services an economy produces, but nominal gdp measures the value of the goods and services an economy consumes. real gdp is not influenced by price changes, but nominal gdp is.

Which of the following statements accurately describes how costs and benefits are calculated? a. cost-benefit analysis is an attempt to get benefits to exceed costs. b. money is an important cost but not the only one. c. benefits do not always increase as costs increase. d. calculations of cost and benefit are based on personal preferences.

Which of the following is most likely to be addressed as dr. a. a school superintendent b. a successful artist c. a play writer d. a sound technician