Multiple Choice
A country reported a nominal GDP of $115 billion in 2007 and $125 billion in 2006, and reported a GDP deflator of 85 in 2007 and 100 in 2006. What happened to real output and prices from 2006 to 2007?
A) Real output and prices both rose.
B) Real output fell and prices rose.
C) Real output rose and prices fell.
D) Real output and prices both fell.
Correct Answer:
Verified
Correct Answer:
Verified
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