If Nominal GDP Increases by 3 Percent from 2004 to 2005

question 104

Multiple Choice

If nominal GDP increases by 3 percent from 2004 to 2005 and real GDP increases by 5 percent from 2004 to 2005,this indicates that

• A)depreciation occurred
• B)taxes increased
• C)the inflation rate decreased
• D)the price level decreased
• E)output decreased

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Definitions:

Intimate Relations

Close and personal relationships between individuals, which can include emotional, physical, and sexual connections.

Midwest

A geographic region of the United States, generally considered to include states in the central and northern parts of the country, known for its agricultural industry and often characterized by moderate political views.

Deviance

Behaviors or actions that violate societal norms or expectations, often resulting in negative social reactions.

Irreparable

Impossible to repair, fix, or make right; typically used to describe damage or harm that is permanent or beyond restoration.