A Change in _____ Will Cause a Change in Nominal

question 29

Multiple Choice

A change in _____ will cause a change in nominal GDP.

• A) policy and/or prices
• B) prices and/or output
• C) output and/or population
• D) population and/or policy

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Definitions:

Positive Profits

Financial gains experienced by a firm when its total revenues exceed its total costs.

Brand Names

Brand names are names given to a product or service by a company to differentiate it from competitors, signifying reputation and quality.

Less Developed Country

A country characterized by low levels of economic development, often measured by GDP per capita, industrialization, and standard of living.

Monopolistically Competitive

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and product differentiation.