If the Prices of All Goods and Services Produced in the Economy

question 15

Multiple Choice

If the prices of all goods and services produced in the economy rose while the quantity of all goods and services stayed the same,which would rise?

• A)both real GDP and nominal GDP.
• B)real GDP but not nominal GDP.
• C)nominal GDP but not real GDP.
• D)neither nominal GDP nor real GDP.

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Definitions:

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The process of actively analyzing, assessing, and synthesizing information to make informed judgments.

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A branch of psychology that focuses on the study of positive human functions and virtues that enable individuals and communities to thrive.

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The education or process of learning and applying statistical methods and analyses to various fields, such as economics, psychology, and science.

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Investigations that conclude findings based on evidence derived from experience or observations.