To Make the Calculation of Real GDP More Accurate,in 1996

question 69

Multiple Choice

To make the calculation of real GDP more accurate,in 1996 the BEA switched to using

• A)base-year prices.
• B)current prices.
• C)chain-weighted prices.
• D)market prices.

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Definitions:

Increase Production

A process of ramping up the quantity of goods produced, often in response to higher demand or to achieve economies of scale.

Firm Should

A recommendation or strategy that a business organization is advised to follow in order to optimize performance, achieve objectives, or address specific challenges.

MR<MC

A condition in microeconomics indicating that the marginal revenue is less than the marginal cost, suggesting a decrease in profit if production is increased.

Decrease Production

The act of reducing the quantity of goods produced by a business or economy.