Table 12-16 -Refer to Table 12-16

question 188

Multiple Choice

Table 12-16
$\begin{array}{|l|c|c|}\hline & \mathbf{2 0 1 7} & \mathbf{2 0 1 8} \\\hline \text { Nominal GDP } & \$ 10,000 & \$ 12,000 \\\hline \text { Real GDP } & 9,500 & 10,500 \\\hline\end{array}$
-Refer to Table 12-16.Given the information above,what can we say has happened in the economy from 2017 to 2018?

• A) The price level has fallen.
• B) The price level has risen.
• C) The price level has remained constant.
• D) Not enough information is available to determine what has happened to prices.

---

Definitions:

Decrease In Supply

A situation where the quantity of a good or service available for sale becomes less than before, often due to factors like increased production costs, natural disasters, or reduced resources.

Equilibrium Level

The state in a market where supply equals demand, and there are no external forces causing disruption, leading to a stable price.

Unconscionable Rate

A term often used to describe exorbitantly high rates or charges that go beyond what is reasonable or legally permissible, typically in the context of loans or credit.

Exorbitant Rate

An excessively high and unreasonable rate, often used in reference to interest rates or prices.