Which of these describes the real gross domestic product?

Group of answer choices

gross domestic product from which depreciation costs have been deducted

gross domestic product that has been adjusted for changes in the price level

gross domestic product from which taxes have been deducted

gross domestic product that has been adjusted for changes in the exchange rate

gross domestic product that has been adjusted for changes in interest rates

Macroeconomics studies _____

Group of answer choices

the different costs associated with production.

the price and output decisions made by different industries.

the overall performance of the economy.

the role of a market in determining an efficient outcome.

the role of input suppliers in determining the price and quantity of output.

What occurred during the 1930s?

Group of answer choices

The deepest economic contraction in U.S. history occurred.

The economy contracted about half the time, and the unemployment rate topped 18 percent.

The outbreak of war boosted employment to fight for the country and to make tanks, ships, aircraft, and the like.

Federal spending increased on both the war and social programs at home.

Home prices declined and foreclosures rose, as more borrowers failed to make their mortgage payments.

The concept of "invisible hand" introduced by Adam Smith explains _____

Group of answer choices

why people act in their own best interests.

why the government intervenes to overcome failures in private markets.

how people, acting out of self-interest, unintentionally promote the general good.

how comparative advantage and specialization promote international trade.

how the creation of goods and services generates its own demand by creating employment and income.

The Keynesian approach to government economic policy _____

Group of answer choices

has emphasized the role of individual self-interest as a powerful stabilizing force.

has consistently failed to reduce fluctuations in economic activity.

was ineffective during the 1960s.

highlighted the role of aggregate demand.

was rechristened supply-side economics around 1980.