The Reporter on One Broadcast Network Says 2011 GDP Increased

question 75

Multiple Choice

The reporter on one broadcast network says 2011 GDP increased to an all-time high. Commenting on the same figure, a second reporter says GDP in 2011 was less than in 2010. Which of the following explanations is consistent with the statements of both reporters?

• A) The first reporter was referring to real GDP, and the second was referring to nominal GDP.
• B) The first reporter was referring to nominal GDP, and the second was referring to real GDP.
• C) The first reporter was referring to GDP as measured by the expenditure approach, and the second was referring to GDP as measured by the income cost approach.
• D) The first reporter was referring to GDP as measured by the income cost approach, and the second was referring to GDP as measured by the expenditure approach.

Recognize the role of economic systems and policies in creating work-related poverty.

Understand the historical developments leading to modern capitalism and its effects.

Identify the effects of minimum-wage legislation on poverty.

Understand the impact of social and political theories on class consciousness and social change.

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Definitions:

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