Assume the Table Shown Displays the Total Output and Prices

question 100

Multiple Choice

Assume the table shown displays the total output and prices of the only two goods produced in a small economy. Looking at the changes in real GDP and nominal GDP from 2017 to 2018, because real and nominal GDP increased at the same rate, we can conclude that:

• A) there was no change in prices, only output.
• B) prices increased
• C) only the production of footballs increased.
• D) there was no change in output, only prices.

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Definitions:

Consistency

The quality of always acting or behaving in the same way, leading to predictable and reliable outcomes in various situations.

Possible Selves

An individual's conceptions about who they might become, who they would like to become, and who they are afraid of becoming.

Group Identification

The psychological process by which an individual identifies with a specific group, adopting its norms, values, and behaviors as their own.

Self-efficacy

A person's confidence in their ability to carry out actions required to achieve particular outcomes.