Changes in Nominal GDP Reflect

question 30

Multiple Choice

Changes in nominal GDP reflect

• A)only changes in prices.
• B)only changes in the amounts being produced.
• C)both changes in prices and changes in the amounts being produced.
• D)neither changes in prices nor changes in the amounts being produced.

---

Definitions:

Unit Product Cost

The cost associated with producing a single unit of a product, including all direct and indirect costs.

Contribution Margin

Contribution Margin represents the portion of sales revenue that is not consumed by variable costs and contributes to covering fixed costs.

Machine Minutes

A measurement of time expressing the operation of a machine in minutes.

Unlimited Demand

A theoretical concept where there is no upper limit to the quantity of a good or service that consumers wish to purchase, at a zero price point.