If real GDP in 2016 (using 2009 prices) is lower than nominal GDP of 2015, then
A) prices in 2016 are higher than prices in 2015.
B) prices in 2016 are lower than prices in 2015.
C) real GDP in 2016 is larger than real GDP in 2015.
D) nominal GDP in 2016 equals nominal GDP in 2015.
B
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The above figure shows the domestic market for wheat. Suppose this market is isolated from global competition. The with no government intervention, the equilibrium price is ________ and the equilibrium quantity is ________
A) $15 per ton; 100 million tons B) $14 per ton; 250 million tons C) $12 per ton; 300 million tons D) $12 per ton; 250 million tons E) $15 per ton; 400 million tons
An implication of the efficient markets hypothesis is that
A) only sophisticated investors will be able to earn above-normal profits from financial investments. B) above-normal profits are available only to major traders. C) above-normal profits will be eliminated in the trading process. D) unless he or she acts recklessly, the average investor should be able to make above-normal profits.
Suppose that in a given country in a given year, GNP equals $2,000, investment expenditures equal $200, government expenditures equal $150, and the current account surplus equals $50. Consumption expenditures therefore equal
A) $1,000. B) $1,200. C) $1,400. D) $1,600.
If consumer confidence falls, then aggregate demand shifts
a. right, raising the inflation rate above its previous level. b. right, lowering the inflation rate below its previous level. c. left, raising the inflation rate above its previous level. d. left, lowering the inflation rate below its previous level.