Changes in Nominal GDP

question 100

Multiple Choice

Changes in nominal GDP

• A)are due to changes in price only while changes in real GDP are attributed to movements in output and price.
• B)are due to changes in output and price while changes in real GDP are attributed to movements in output only.
• C)are due to changes in output and price while changes in real GDP are attributed to movements in price only.
• D)and changes in real GDP are due to changes in output and price.

---

Definitions:

High-Productivity People

Individuals who consistently generate significant outputs or results in relation to the time and resources used, often contributing to economic growth.

Educational Level

A measure of the highest degree of schooling or training achieved by an individual, often impacting employment opportunities and earnings potential.

Threshold

The point at which a particular effect, reaction, or change occurs, often marking the boundary or limit for certain actions.

Lemons Problem

A market problem arising when buyers cannot distinguish between high-quality and low-quality products, leading to an overall drop in product quality.