Nominal GDP Is GDP

question 22

Multiple Choice

Nominal GDP is GDP

• A)using current market values.
• B)during a recession.
• C)minus depreciation.
• D)after adjusting for any price changes.
• E)that ignores depreciation.

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Definitions:

Diseconomies of Scale

occur when a company or production process becomes less efficient as it scales up, leading to increased average costs per unit.

Minimum Efficient Scale

The smallest level of production at which a firm can achieve the lowest long-term average cost, allowing it to be competitively viable.

3-D Printers

3-D printers are machines that create three-dimensional objects by adding material layer by layer, based on digital models.

Third Industrial Revolution

The period characterized by the digital revolution and the use of electronics and information technology to automate production.