Please Help Real GDP measures the: total dollar value of all goods and services
ID: 1101700 • Letter: P
Question
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Real GDP measures the: total dollar value of all goods and services produced within the borders of a country using current prices. value of final goods and services produced within the borders of a country, corrected for price changes. total dollar value of all goods and services consumed within the borders of a country, adjusted for price changes. value of all goods and services produced in the world, using current prices. Demand shocks: refer to unexpected changes in the desires of households and businesses to buy goods and services. refer to unexpected changes in the ability of firms to produce and sell goods and services. always have a negative impact on the economy. cause fewer short-run fluctuations than supply shocks.Explanation / Answer
1)the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price," "inflation-corrected" GDP or "constant dollar GDP".
2)1
A sudden surprise event that temporarily increases or decreases demand for goods or services. A positive demand shock increases demand, while a negative demand shock decreases demand. Both positive and negative demand shock have an effect on the prices of goods and services.