If Real GDP in 2013 (Using 2009 Prices)is Lower Than

question 252

Multiple Choice

If real GDP in 2013 (using 2009 prices) is lower than nominal GDP of 2012,then

• A)prices in 2013 are lower than prices in 2012.
• B)nominal GDP in 2013 equals nominal GDP in 2012.
• C)prices in 2013 are higher than prices in 2012.
• D)real GDP in 2013 is larger than real GDP in 2012.

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Definitions:

Debts Reduced

A situation where the total amount owed by an individual or entity is decreased through negotiation, settlement, or by making payments.

Liability

An obligation or debt owed by an individual or company, typically financial, that arises from past transactions or actions.

Bankruptcy

A legal proceeding involving a person or business that is unable to repay outstanding debts, which allows for the assets of the debtor to be measured and evaluated, and the liabilities to be discharged or restructured under the protection of bankruptcy court.

Loan Agreement

A contract between a borrower and a lender outlining the terms and conditions of a loan.