If the Nation's Output of Goods and Services Is Increasing

question 293

Multiple Choice

If the nation's output of goods and services is increasing faster than the rate of inflation,then we can say that

• A)real GDP is increasing faster than GDP.
• B)GDP is increasing faster than real GDP.
• C)GDP and real GDP are growing at about the same rate.
• D)There is no way to determine if GDP or real GDP is growing faster.

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Definitions:

Reciprocal Services Method

A cost allocation technique used in managerial accounting to allocate costs between interdependent departments by solving simultaneous equations.

Sequential Method

A cost allocation method used for assigning the costs of support departments to operating departments sequentially, in a specific order based on the level of service provided.

Algebraic Expressions

Mathematical phrases that can contain ordinary numbers, variables, and mathematical operations, but do not have an equality sign.

Janitorial Department

A division within a company or organization that is responsible for maintaining the cleanliness and orderliness of the premises.