Suppose That Nominal GDP Is $1,000 in 2009 and $1,500

question 165

Multiple Choice

Suppose that nominal GDP is $1,000 in 2009 and $1,500 in 2010. If the overall price level _____ between 2009 and 2010, we could say that real GDP _____.

• A)increased by 50%; stayed constant
• B)increased by less than 50%; decreased
• C)increased by more than 50%; increased
• D)increased by 50%; increased

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Definitions:

Nature

The collective manifestations of the physical realm, encompassing flora, fauna, terrains, and various natural formations and outputs of the planet, in contrast to entities or constructs made by humans.

Theory

A system of ideas intended to explain something, based on general principles independent of the thing to be explained.

Experience

The knowledge or practical wisdom gained from what one has observed, encountered, or undergone.

Relationships

Connections or bonds between people, which may be emotional, social, professional, or familial in nature.