If Nominal GDP Increased by 11 Per Cent While Real

question 8

Multiple Choice

If nominal GDP increased by 11 per cent while real GDP increased by only five per cent, then:

• A)the price level must have increased by around six per cent
• B)the price level must have increased by around 16 per cent
• C)the price level remained steady but real output fell by around six per cent
• D)the unemployment rate must have fallen during the year

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Definitions:

Client Relationships

The professional connections and interactions between a business and its clients, focusing on communication, trust, and service quality.

Natural Work Units

Refers to a way of organizing work in which tasks are grouped naturally, based on process or workflow, to improve efficiency and job satisfaction.

Feedback Channels

The means by which information regarding performance and expectations is communicated between different levels within an organization.

Vertical Loading

A job enrichment strategy that involves adding tasks that require higher levels of responsibility or decision-making to an employee's role.