If Nominal GDP Increases from One Year to the Next

question 3

Multiple Choice

If nominal GDP increases from one year to the next, then

• A)prices and production must both have decreased.
• B)production could have increased, decreased, or stayed the same.
• C)production must have increased.
• D)prices and production must both have increased.
• E)prices must have increased.

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Definitions:

Critical Decision

A significant choice or judgment that can have a profound impact on the direction or outcome of a process or project.

CAD System

Computer-Aided Design (CAD) System refers to software used by engineers, architects, and designers to create precision drawings or technical illustrations.

Product Development

The process of conceptualizing, designing, creating, and bringing a new product or service to the market.

Work Order

An instruction to make a given quantity of a particular item.