If Prices in the Current Year Are Higher on Average

question 37

Multiple Choice

If prices in the current year are higher on average than in the base year, real GDP in the current year ________ nominal GDP in the current year.

• A)is greater than
• B)is less than
• C)is equal to
• D)could be greater than or less than

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Definitions:

Fourth of July

A federal holiday in the United States commemorating the Declaration of Independence of the United States, on July 4, 1776.

Three-Fifths Clause

A provision signed into the Constitution in 1787 that three-fifths of the slave population would be counted in determining each state’s representation in the House of Representatives and its electoral votes for president.

Uncle Tom's Cabin

An anti-slavery novel by Harriet Beecher Stowe published in 1852, which played a significant role in shaping public opinion about slavery in the United States.