In Figure 5

question 41

Multiple Choice

In Figure 5.2,the fact that real GDP is greater than nominal GDP during the 1960-1980 periods implies that

• A)Average price levels during this period must have been lower than during the base period.
• B)Per capita GDP must have increased.
• C)Average price levels must have decreased during this period.
• D)Production must have decreased during this period.

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Definitions:

Management

The process of dealing with or controlling things or people within an organization.

Groupthink

A psychological phenomenon wherein the desire for conformity within a group results in an irrational or dysfunctional decision-making outcome.

Cohesive

Referring to the property of an element or group to stay together tightly and function in a unified manner.

Groupthink

A psychological phenomenon in which the desire for harmony or conformity within a group results in an irrational or dysfunctional decision-making outcome.