Multiple Choice
Suppose the real gross domestic product (GDP) equals $200 billion this year and the nominal gross domestic product (GDP) equals $300 billion. This implies that the price level has increased by _____ compared to the base year.
A) $100 billion
B) $200 billion
C) 50 percent
D) 100 percent
E) 33 percent
Correct Answer:
Verified
Correct Answer:
Verified
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