Multiple Choice
Suppose that in 2011 nominal GDP increased and real GDP decreased relative to the year 2010. It can be concluded that:
A) the economy experienced inflation and the total production of goods and services increased.
B) the economy experienced deflation and the total production of goods and services increased.
C) the economy experienced inflation and the total production of goods and services decreased.
D) the economy experienced deflation and the total production of goods and services decreased.
Correct Answer:
Verified
Correct Answer:
Verified
Q47: If real GDP increases and the price
Q48: U.S. nominal GDP:<br>A)has historically increased more slowly
Q49: Which of the following is counted as
Q50: The expenditure method of measuring GDP is
Q51: If nominal GDP rises from $5 billion
Q53: A price index creates a measure of
Q54: Total income received by households is called:<br>A)national
Q55: What is the underground economy? How does
Q56: What problems would result from the measurement
Q57: If nominal GDP rises from $5 billion