A Nation's Output Rises by 3%, and Its Average Price

question 38

Multiple Choice

A nation's output rises by 3%, and its average price level rises by 2%. This means that the nation's nominal GDP rises by _____ and real GDP rises by:

• A) 5%; 3%.
• B) 6%; 4%.
• C) 6%; 3%.
• D) 5%; 2%.

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Definitions:

Marketers

Professionals who are involved in the process of promoting, selling, and distributing a product or service.

Suppliers

Businesses or individuals that provide goods or services to other companies or end consumers.

Purchase Decision-Making

The process through which consumers or organizations decide whether or not to buy a product or service, considering various factors and influences.

Actual Purchase

Actual purchase refers to the completion of buying goods or services, marking a finalized transaction.