Suppose a Small Economy Produces Only Smart TVs

question 37

Multiple Choice

Suppose a small economy produces only smart TVs. In year one, 100,000 TVs are produced and sold at a price of $1,200 each. In year two, 100,000 TVs are produced and sold at a price of $1,000
Each. As a result,

• A) nominal GDP stays constant, while real GDP decreases.
• B) nominal GDP decreases, while real GDP stays constant.
• C) nominal GDP and real GDP both decrease.
• D) nominal GDP decreases, and real GDP decreases even more.

Understand the importance of frequent and structured feedback in the performance improvement process.

Comprehend the various performance evaluation methods and their applications.

Recognize the steps to establish an effective performance improvement plan with HR assistance.

Define performance measures and their significance in evaluating employee performance.

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Definitions:

Public Relations

The professional maintenance of a favorable public image by a company or other organization or a famous person.

Starch Test

A method used to detect the presence of starch in substances by applying iodine, which turns blue-black in the presence of starch.

Aided Recall

A measure of memory where participants are given cues or prompts to help them remember specific information, typically used in market research.

Sales Promotion

Marketing strategies aimed at stimulating demand by offering short-term incentives to buy a product or service.