Category: Economics

Question 4 (1 point)Suppose that production of intermediate goods is mistakenly included in calculationof nominal GDP. This will cause nominal GDP to be:a) under estimatedb) over estimated

What is the main difference between a misdemeanor and a felony?
A misdemeanor involves a drug crime.
A misdemeanor case is usually heard by district courts.
A misdemeanor is a less serious crime.

➤ Why prefer real GDP per capita instead of nominal GDP?
Real GDP per capita accounts for price changes and population size, so it reflects the actual quantity of goods and services available per person. Nominal GDP uses current prices and can be distorted by inflation or exchange rate swings. Real per capita data gives a clearer picture of changes in average living standards over time and across countries.

➤ How can tariffs affect market share for domestic producers?
Tariffs can increase domestic firms’ market share by making imported goods relatively more expensive. This protects local employment and encourages import substitution. However, shielding firms may reduce incentives to innovate, lowering long‑term competitiveness. Retaliatory tariffs abroad can also shrink export markets, offsetting domestic market share gains.

MP#2 tells us all customers change. Which of the followings is not a causes of changing customer needs and preferences?
Technological advances
moving
marriage and birth of a child
graduation
aging

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