If Nominal GDP Decreases from One Year to the Next

question 150

Multiple Choice

If nominal GDP decreases from one year to the next, _____ must have fallen.

• A)prices
• B)real GDP
• C)prices and real GDP
• D)output or prices or both

---

Definitions:

Carl Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology, known for concepts such as the collective unconscious and archetypes.

Individualism

A societal ideology that elevates the principle of personal freedom over the authority of groups or state mechanisms.

Birth Year

The year in which a person was born.

Collectivists

Collectivism refers to a cultural value that emphasizes the importance of the group over the individual, prioritizing group goals and solidarity.