Nominal GDP Increases

question 15

Multiple Choice

Nominal GDP increases

• A) only if the productivity of resources increases.
• B) only if prices increase.
• C) if either prices and/or total production increase.
• D) only if total production increases.
• E) only if depreciation decreases.

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Definitions:

Northwest Territory

A historical region in the early United States, designated in 1787, that included lands west of Pennsylvania and north of the Ohio River.

Annapolis Conference

A meeting in Annapolis, Maryland, in 1786 intended to address economic disputes between the States but setting the stage for the Philadelphia Convention for drafting the US Constitution.

National Trade Policy

Governmental regulations and agreements that determine how a country conducts trade with other nations, including tariffs, trade agreements, and import/export regulations.

Shays's Rebellion

A 1786-1787 armed uprising in western Massachusetts led by Daniel Shays, stemming from discontent with high taxes and economic injustices, which highlighted the weaknesses of the Articles of Confederation.