When the Value of Nominal GDP Increases from One Year

question 136

Multiple Choice

When the value of nominal GDP increases from one year to the next, we know that one or two things must have happened during that time:

• A)The nation produced fewer goods and services and/or prices fell for goods and services.
• B)Consumption expenditure increased and/or corporate profits increased.
• C)Investment increased and/or payments to employees increased.
• D)The nation produced more goods and services and/or prices rose for goods and services.
• E)The value of real GDP must have increased and/or the price level must have decreased.

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Definitions:

Deterministic

A philosophical theory that all events, including moral choices, are determined by previously existing causes.

Canadian Psychological Association

A professional organization that represents psychologists in Canada, promoting excellence and innovation in psychological research, education, and practice.

Advancement of Psychology

The progression and evolution of psychological theories, practices, and understanding over time.

Largest Organization

Typically refers to the entity with the highest number of employees, most extensive network, or greatest scale of operations in its domain or globally.