Suppose the Total Market Value of All the Final Goods

question 83

Multiple Choice

Suppose the total market value of all the final goods and services produced in the country of Cannedada was $4 billion in 2008 (measured in 2008 prices) and $5 billion in 2009 (measured in 2009 prices) .Which of the following statements is definitely correct?

• A)Production increased in Cannedada between 2008 and 2009.
• B)Average price levels increased in Cannedada between 2008 and 2009.
• C)Nominal GDP decreased in Cannedada between 2008 and 2009.
• D)The change in real GDP cannot be determined without more information.

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Definitions:

Representativeness Heuristic

A mental shortcut that involves making judgments based on how well something matches our existing stereotypes or prototypes.

Change Blindness

A phenomenon where an observer does not notice some significant change in the visual environment, demonstrating limits of perception.

Extras

Extras refers to additional items or people beyond what is necessary, often enhancing or completing something.

Attentional Blink

A momentary lapse in visual processing that occurs when two stimuli are presented in close succession.