The Real GDP of Country X Doubled in 10 Years

question 3

Multiple Choice

The Real GDP of country X doubled in 10 years.It follows that

• A) the per-capita Real GDP doubled during this time,too.
• B) the per-capita Real GDP remained stable during this time.
• C) the per-capita Real GDP fell during this time.
• D) disposable income also doubled during this time.
• E) none of the above

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Definitions:

Short-run Phillips Curve

A graphical representation showing an inverse relationship between the rate of inflation and the rate of unemployment in an economy over the short-term.

Short-run Phillips Curve

A curve that illustrates an inverse relationship between the rate of inflation and the rate of unemployment for a given period, assuming other factors remain constant.

Inflation Expectations

The expected pace of future price increases, impacting how individuals choose to save and spend money.

Output

The quantity of goods or services produced in a given time period by a firm, industry, or country.