Answer All of the Following Questions Concerning GDP Growth

question 72

Essay

Answer all of the following questions concerning GDP growth.
(a)Nominal GDP increases from $5 trillion to $5.5 trillion while the price level increases by 10%.Has real income increased?
(b)Nominal GDP increases from $6 trillion to $6.8 trillion while real GDP increases from $6 trillion to $6.2 trillion.What happened to the price level?
(c)Nominal GDP increases from $7 trillion to $8 trillion while real GDP increases from $7 trillion to $7.5 trillion.By what percent did real income change?

---

Definitions:

Passive Euthanasia

The act of allowing a person to die by withholding or withdrawing treatment, rather than actively causing death.

Mercy Killing

The act of killing or permitting the death of a hopelessly sick or injured individual in a relatively painless way, often to alleviate suffering; also known as euthanasia.

Active Euthanasia

The act of intentionally causing the death of a terminally ill patient through a direct action, at the patient's request, to alleviate suffering.

Live Donors

Individuals who donate a part of their living body, such as an organ or tissue, to be transplanted to another person in need.