Nominal GDP Increased from $14

question 96

Multiple Choice

Nominal GDP increased from $14.0 trillion to $14.7 trillion,and the price level increased from 120 to 126.Which of the following is true?

• A) Output grew faster than the price level.
• B) Output grew slower than the price level.
• C) Real GDP grew faster than nominal GDP.
• D) Output grew at the same rate as the price level.
• E) Real GDP grew at the same rate as nominal GDP.

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Definitions:

Labour Relations Board

A governmental authority that oversees and resolves disputes involving labor and management practices.

Collective Bargaining

The process by which employers and a group of employees negotiate labor contracts concerning wages, hours, benefits, and other working conditions.

Vicarious Liability

The liability at law of one person for the acts of another.

Negligent Misrepresentation

Negligent misstatements made by a professional to a client.