An Increase in Nominal GDP Implies an Increase In

question 214

Multiple Choice

An increase in nominal GDP implies an increase in:

• A)the price level.
• B)output.
• C)both the price level and output.
• D)either the price level or output or both.

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Definitions:

Reported Unemployment Rate

The proportion of the labor force that is jobless and actively seeking employment, officially announced or published by government agencies.

Very Long-Term Unemployed

Individuals who have been out of work and seeking employment for an extended period, typically longer than one year.

Discouraged Workers

Individuals who are not actively seeking employment due to a belief that no jobs are available for them or there are no suitable jobs.

Labor-Force Participation Rates

The percentage of the working-age population that is actively engaged in the labor market, either employed or actively seeking employment.