Table 12-16 -Refer to Table 12-16

question 38

Multiple Choice

Table 12-16
$$\begin{array} { | l | r | r | } \hline & \mathbf { 2 0 1 2 } & { \mathbf { 2 0 1 3 } } \\\hline \text { Nominal GDP } & \$ 10,000 & \$ 12,000 \\\hline \text { Real GDP } & 9,500 & 10,500 \\\hline\end{array}$$
-Refer to Table 12-16.Given the information above,what can we say has happened in the economy from 2012 to 2013?

• A)The price level has fallen.
• B)The price level has risen.
• C)The price level has remained constant.
• D)Not enough information is available to determine what has happened to prices.

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Definitions:

Personal Incomes

The total annual income received by an individual from all sources before taxes.

Poor

Refers to individuals or communities lacking financial resources and essentials for a minimum standard of living.

Richer

Having a greater amount of wealth, resources, or assets compared to a previous state or compared to other individuals or entities.

Relative and Absolute Terms

Concepts used to compare differences in terms of relationships or ratios (relative) and fixed values or units (absolute).