If Nominal GDP Increased,which of the Following Could Also Have

question 188

Multiple Choice

If nominal GDP increased,which of the following could also have occurred?

• A) Both prices and real GDP decreased.
• B) Prices remained the same and real GDP decreased.
• C) Prices decreased and real GDP remained the same.
• D) Prices increased and real GDP decreased.
• E) Both prices and real GDP remained the same.

Understand the concept of insurable interest in various scenarios.

Recognize the responsibilities and risks of parties involved in the transportation and custody of goods.

Identify the legal outcomes regarding the ownership and loss of goods in specific circumstances.

Determine the conditions under which acceptance and rejection of goods can occur.

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Definitions:

Unit Elasticity

Demand or supply for which the elasticity coefficient is equal to 1; means that the percentage change in the quantity demanded or quantity supplied is equal to the percentage change in price.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price.

Price Elasticity

The degree to which demand for an item is affected by changes in its cost.

Quantity Demanded

The total amount of a product that consumers are willing and able to purchase at a given price.