Multiple Choice
Nominal gross domestic product (GDP) increased from $15.44 trillion to $15.75 trillion,and the price level increased from 116.5 to 122.3.Which of the following is true?
A) Output grew faster than the price level.
B) Output grew slower than the price level.
C) Real GDP grew faster than nominal GDP.
D) Output grew at the same rate as the price level.
E) Real GDP grew at the same rate as nominal GDP.
Correct Answer:
Verified
Correct Answer:
Verified
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