Multiple Choice
A country reported nominal GDP of $100 billion in 2008 and $75 billion in 2007.It also reported a GDP deflator of 125 in 2008 and 120 in 2007.Between 2007 and 2008,
A) real output and the price level both rose.
B) real output rose and the price level fell.
C) real output fell and the price level rose.
D) real output and the price level both fell.
Correct Answer:
Verified
Correct Answer:
Verified
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