Nominal GDP Will Increase

question 90

Multiple Choice

Nominal GDP will increase

• A)only if the average level of prices rises.
• B)only if the quantity of goods and services produced increases.
• C)only if the unemployment rate rises.
• D)only if both the average level of prices rises and the quantity of goods and services produced increases.
• E)if either the average level of prices rises or the quantity of goods and services produced increases.

Recognize the definition and types of accounting periods, including a calendar and fiscal year.

Identify proper journal entries for different types of transactions, including investments, withdrawals, and purchases.

Distinguish between the components of the general journal and their purposes.

Understand the implications of debiting and crediting specific accounts in accounting transactions.

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Definitions:

Outgroup

A social group with which an individual does not identify, often leading to them being viewed as "them" in contrast with the "us" of the ingroup.

Availability Heuristic

A cognitive shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.

Explicit Bias

Conscious or deliberate prejudice toward particular groups or individuals based on race, gender, age, or other characteristics.

Just-world Phenomenon

A cognitive bias leading individuals to believe that the world is fundamentally fair, thus people get what they deserve.