Over Time, GDP May Increase as the Result of Either

question 106

Multiple Choice

Over time, GDP may increase as the result of either (i) expansion in the quantities of goods produced or (ii) higher prices. Which of the following is true?

• A)(i) will generally increase living standards, but (ii) will not.
• B)(ii) will generally increase living standards, but (i) will not.
• C)Both (i) and (ii) will generally increase living standards.
• D)Neither (i) nor (ii) will generally increase living standards.

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