Suppose That Nominal GDP in 2013 Was Less Than Real

question 145

Multiple Choice

Suppose that nominal GDP in 2013 was less than real GDP in 2013.Given this information,we know for certain that

• A)the price level in 2013 was greater than the price level in the base year.
• B)the price level in 2013 was less than the price level in the base year.
• C)real GDP in 2013 was less than real GDP in the base year.
• D)real GDP in 2013 was greater than real GDP in the base year.

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Definitions:

Small Communities

Social units with relatively small populations, often characterized by close-knit relationships and shared values.

Corporations

Are legal entities that can enter into contracts and own property. They are taxed at a lower rate than individuals are and their owners are normally not liable for the corporation’s debt or any harm it may cause the public.

Crimes

Acts or omissions that violate laws and are punishable by the state or other authority.

Convicted

The formal declaration that someone is guilty of a criminal offense, made by the verdict of a jury or the decision of a judge.