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.

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Definitions:

Cognitive Level

A term referring to the complexity, depth, and breadth of an individual's mental abilities and processes.

Behavioral Level

A perspective in psychology that focuses on observable behaviors and the ways in which they can be learned, measured, and modified.

Primacy Effect

The tendency to evaluate others in terms of first impressions.

Actor-Observer Effect

A psychological bias where people tend to attribute their own actions to situational factors while attributing others' actions to their personalities or character.