Real GDP

question 85

Multiple Choice

Real GDP

• A)evaluates current production at current prices.
• B)evaluates current production at the prices that prevailed in some specific year in the past.
• C)is not a valid measure of the economy's performance, since prices change from year to year.
• D)is a measure of the value of goods only; it excludes the value of services.

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Definitions:

Wade-Davis Bill

A 1864 proposal for the Reconstruction of the South that required a majority of prewar voters to swear allegiance to the Union.

Reconstruction Act

Legislation passed in 1867 that outlined the conditions for the Southern States to be readmitted to the Union after the Civil War, including requirements for suffrage for black males.

Ex-Confederate State

A state that was part of the Confederacy during the American Civil War, fighting to preserve slavery and secession from the Union.

U.S. Senate

One of the two chambers of the United States Congress, comprising Senators from each state, responsible for making and passing federal laws.