These are practice questions, past papers why can't you answer Which one of the following1statements is correct? *In a monetary economy there always hasbe a double coincidence of wants.Money is always the best possible storevalue.Money is not the only possible store ofvalue.Money can never lose its usefulness as aunit of account.If 2020 is the base year for real GDP1calculations, we know for certain thatNominal GDP equals Real GDP in 2021.O FalseTrueGDP is sometimes jokingly referred to 1as the 'gross deceptive product' orthe 'grossly distorted picture'?FalseTrue If 2022 is the base year for real GDPcalculations, we know for certain thatnominal GDP: *is less than real GDP in 2022.is greater than real GDP in 2022.None of the aboveequals real GDP in 2022.Which one of the following does NOTrepresent a key macroeconomicvariable? *The population growth rate.Income distribution.Gross Domestic Product (GDP).The unemployment rate.

As per the guidelines answer is given to three sub-parts: 1) "Money can never lose its usefulness as…

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

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

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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