A nation produces three products, A, B, and C. Over two years, the prices of these products change while the quantities produced remain constant, as follows:
Over the period referred to, the nation's nominal GDP increased by 5 percent. The nation's real GDP changed by approximately:
A.
2 percent
B.
3 percent
C.
0 percent
D.
-2 percent
C.
0 percent
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Using the above figure, which of the lines in the above diagram represents a proportional tax?
A) A B) B C) C D) none of them
Without government intervention, public goods would
a. be much less expensive. b. not be provided. c. be produced in much larger quantity. d. be priced within the income ability of all individuals to purchase them.
In the United States, currency holdings per person average about
a. $110; one explanation for this relatively small average is that many people use credit and debit cards to make transactions. b. $110; one explanation for this relatively small average is that U.S. citizens hold a lot of foreign currency. c. $4,490; one explanation for this relatively large amount is that criminals probably prefer currency as a medium of exchange. d. $4,490; one explanation for this relatively large average is that U.S. citizens hold a lot of foreign currency.
An increase in wages will shift the supply curve up and to the left.
Answer the following statement true (T) or false (F)