Multiple Choice
A country reported a nominal GDP of $100 billion in 2007 and $75 billion in 2006, and reported a GDP deflator of 125 in 2007 and 120 in 2006. What happened to real output and prices from 2006 to 2007?
A) Real output and prices both rose.
B) Real output rose and prices fell.
C) Real output fell and prices rose.
D) Real output and prices both fell.
Correct Answer:
Verified
Correct Answer:
Verified
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