If There Is a Rise in Nominal GDP Over a Given

question 102

True/False

If there is a rise in nominal GDP over a given year, then we know that there is growth in actual output of goods and services.

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Definitions:

Marginal Utility

The extra pleasure or benefit gained by a consumer from using an additional unit of a product or service.

Utility-maximizing

Refers to the economic principle where individuals or households attempt to get the highest level of satisfaction from their resources.

Income

The money received, especially on a regular basis, for work or through investments.

Marginal Utility

The increased enjoyment or value one gets from the consumption of an extra unit of a good or service.