If Over a Certain Period of Time "Constant Dollar" GDP

question 90

Multiple Choice

If over a certain period of time "constant dollar" GDP grows more rapidly than "current dollar" GDP,this means that

• A)the economy is in a recession.
• B)the general price level has risen.
• C)the general price level has fallen.
• D)consumers' real incomes have decreaseD.

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Definitions:

Federal Tax Rate

The proportional rate at which income is taxed by the federal government, varying across different income brackets.

Families

Social units consisting of individuals related by blood, marriage, or other relational bonds, often forming the basic unit of society.

Effective Average

A measure that represents an average value weighted according to the relevance or importance of different components.

Lump-sum Amount

A fixed total amount that does not change with the level of output, activity, or number of beneficiaries.