If real GDP increased by 2% and nominal GDP increased by 2%, then output:
a. increased and the price level increased
b. increased and the price level decreased.
c. increased and the price level remained unchanged.
d. remained unchanged and the price level increased.
c
You might also like to view...
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, Ralph's opportunity cost of selling a truck is selling:
A. 4 cars. B. 1/4 of a car. C. 3 cars. D. 1/3 of a car.
What do demand and marginal revenue curves look like in monopolistic competition? How do they compare to the demand and marginal revenue curves in perfect competition and monopoly?
What will be an ideal response?
Each of the following is a provision of the 1996 welfare reform law except that
A. lifetime welfare benefits would be limited to five years. B. each state receives a lump sum to run its own welfare and work programs. C. any adult found guilty of a felony would be removed from the welfare rolls. D. future legal immigrants are banned from welfare assistance.
If the price of "X" increases and you buy more "Y," then
A. "X" and "Y" are complements, and the price of "Y" will increase. B. "X" and "Y" are substitutes, and the price of "Y" will increase. C. "X" and "Y" are substitutes, and the price of "Y" will decrease. D. "X" and "Y" are complements, and the price of "Y" will decrease.