A Study Discussed in the Making the Connection Feature in the Text

question 42

Multiple Choice

A study discussed in the Making the Connection feature in the text found that there is ________ that some consumers are not well aware of prices, even for goods they buy regularly.

• A)no evidence
• B)substantial evidence
• C)little evidence
• D)no reason to believe

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Definitions:

Real GDP

measures the value of all final goods and services produced within a country in a given period, adjusted for inflation.

Nominal GDP

The aggregate value of all end products and services created inside a country during a specific time, calculated in present-day prices.

Nominal Cost

The price of a good or service without adjustment for inflation, representing the current market price.

Potential Output

Potential output refers to the total amount of goods and services an economy can produce when it is operating at full capacity and efficiency, without causing inflation.