Answer:all of the above are Correct (D)
Explanation:
Real GDP is a macro economic statistics that measure the value of the goods and services produced by an economy in a specific period , adjusted for inflation. Government use both minimal and real GDP as metrics for analyzing economic growth and purchasing power over time.
Answer:
Option (a) is correct.
Explanation:
The law of comparative advantage states that a country is producing and exporting a good in which it has a comparative advantage and importing a good in which it has a comparative disadvantage.
Therefore, this will make the countries more specialized and there is an exchange of goods among the trading nations.
Each country is then specialized in the production of a good in which it has a comparative advantage and hence, the joint output of the trading nations increases.
Answer:
After World War II, the United States helped rebuild Western Europe.
Explanation:
There was a program known as 'The Marshall Plan' or 'European Recovery Program' started by United States in which it provided help to Western Europe after the World War II. It was passed in 1948 by Secretary of United States 'John Marshall'. According to this program, it gave more than $15 billion as a financial help to Western Europe to rebuild their continent.
Their main purpose was to revive the working economy of the world. Also, Marshall believed that stable government in Europe would depend on economic stability of the people.
Answer:
A.
Explanation:
Allocative efficiency is when the markets are working in the most economically efficient manner and there are no externalities (no over production or under production of economic goods and services).
Markets are allocative efficiency when the price equals the marginal cost.
Allocative efficiency is at an output which maximizes total consumer welfare.
is reached when no one can be made better off without making someone else worse off.
Occurs when the value that consumers place on a good or service (reflected in the price they are willing and able to paid) equals the cost of the factors resources used up in production.
