If the Nominal GDP Is $12,000 in 2005 and $15,000

question 37

Multiple Choice

If the nominal GDP is $12,000 in 2005 and $15,000 in 2006,and if inflation is 10% between these years,then

• A)employment fell between 2005 and 2006.
• B)real GDP fell between 2005 and 2006.
• C)real GDP rose between 2005 and 2006.
• D)the economy experienced no growth between these years.
• E)everyone is rich now than they were before.

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Definitions:

Iroquois

A historically powerful northeast Native American confederacy, also known as the Haudenosaunee, made up of six nations including the Mohawk, Seneca, Cayuga, Onondaga, Oneida, and Tuscarora.

Patroonship

A grant of land and associated privileges given to wealthy individuals by the Dutch government in the 17th century to promote settlement and economic development in New Netherland (now parts of New York and New Jersey).

New Netherland

A 17th-century colonial province of the Dutch Republic that included parts of what are now the eastern United States.

Agricultural Labor

Work involved in cultivating and harvesting crops and raising animals, often performed by farmworkers and laborers.