Which one of the following statements is correct? * In a monetary economy there always ha: be a double coincidence of wants. Money is always the best possible store value. Money is not the only possible store of value. Money can never lose its usefulness as unit of account. If 2020 is the base year for real GDP calculations, we know for certain that Nominal GDP equals Real GDP in 2021. False True GDP is sometimes jokingly referred to as the 'gross deceptive product' or the 'grossly distorted picture'? False True

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Which one of the following
1
statements is correct? *
In a monetary economy there always has
be a double coincidence of wants.
Money is always the best possible store
value.
Money is not the only possible store of
value.
Money can never lose its usefulness as a
unit of account.
If 2020 is the base year for real GDP
1
calculations, we know for certain that
Nominal GDP equals Real GDP in 2021.
O False
True
GDP is sometimes jokingly referred to 1
as the 'gross deceptive product' or
the 'grossly distorted picture'?
False
True
Transcribed Image Text:Which one of the following 1 statements is correct? * In a monetary economy there always has be a double coincidence of wants. Money is always the best possible store value. Money is not the only possible store of value. Money can never lose its usefulness as a unit of account. If 2020 is the base year for real GDP 1 calculations, we know for certain that Nominal GDP equals Real GDP in 2021. O False True GDP is sometimes jokingly referred to 1 as the 'gross deceptive product' or the 'grossly distorted picture'? False True
If 2022 is the base year for real GDP
calculations, we know for certain that
nominal GDP: *
is less than real GDP in 2022.
is greater than real GDP in 2022.
None of the above
equals real GDP in 2022.
Which one of the following does NOT
represent a key macroeconomic
variable? *
The population growth rate.
Income distribution.
Gross Domestic Product (GDP).
The unemployment rate.
Transcribed Image Text:If 2022 is the base year for real GDP calculations, we know for certain that nominal GDP: * is less than real GDP in 2022. is greater than real GDP in 2022. None of the above equals real GDP in 2022. Which one of the following does NOT represent a key macroeconomic variable? * The population growth rate. Income distribution. Gross Domestic Product (GDP). The unemployment rate.
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