If Nominal GDP Increased 2 Percent During a Year, While

question 214

Multiple Choice

If nominal GDP increased 2 percent during a year, while real GDP increased 4 percent, the

• A) price level must have increased approximately 2 percent compared to the prior year.
• B) price level must have decreased approximately 2 percent compared to the prior year.
• C) price level must have decreased approximately 50 percent compared to the prior year.
• D) unemployment rate must have increased during the year.

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Definitions:

Under-Served Niche

A segment of the market that has not been adequately addressed or serviced by existing providers, often presenting opportunities for new entrants.

Imitate

To copy or emulate something or someone, often to achieve similar benefits or results.

Non-Fungible

Refers to a unique digital asset that cannot be exchanged on a one-to-one basis with another asset, commonly used in the context of digital art and collectibles through blockchain technology.

Marginal Benefits

The additional satisfaction or utility gained from consuming or producing one more unit of a good or service.