Suppose That Nominal GDP in 2013 Was Less Than Real

question 145

Multiple Choice

Suppose that nominal GDP in 2013 was less than real GDP in 2013.Given this information,we know for certain that

• A)the price level in 2013 was greater than the price level in the base year.
• B)the price level in 2013 was less than the price level in the base year.
• C)real GDP in 2013 was less than real GDP in the base year.
• D)real GDP in 2013 was greater than real GDP in the base year.

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Definitions:

Rent of Factory

The periodic payment made for the use of a factory facility or space for manufacturing or production processes.

Kitchen Manufacturer

A company or enterprise specializing in the production of kitchen units, appliances, and related items.

Engineered Cost

Costs that can be specifically traced and directly associated with certain activities or projects without ambiguity.

Direct Materials

Raw materials that are directly used in the manufacturing of a product and can be directly attributed to the product itself.