Multiple Choice
Suppose that nominal GDP in 2017 was less than real GDP in 2017.Given this information, we know for certain that
A) the price level in 2017 was greater than the price level in the base year.
B) the price level in 2017 was less than the price level in the base year.
C) real GDP in 2017 was less than real GDP in the base year.
D) real GDP in 2017 was greater than real GDP in the base year.
E) this is impossible, nominal GDP must always be greater than real GDP.
Correct Answer:
Verified
Correct Answer:
Verified
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