Nominal GDP Has Generally Risen More Rapidly Than Real GDP

question 147

Multiple Choice

Nominal GDP has generally risen more rapidly than real GDP since World War II in the United States, suggesting that:

• A) The general price level has declined
• B) The general price level has increased
• C) Productivity has increased substantially
• D) World trade has increased

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Definitions:

Balthasar Neumann

A renowned German architect and military artillery engineer of the 18th century known for designing the residence in Würzburg and the Basilica of the Fourteen Holy Helpers.

Borromini

Francesco Borromini, an Italian architect who was a leading figure in the development of Roman Baroque architecture.

Pilgrimage to Cythera

An iconic painting by Antoine Watteau that portrays elegantly dressed couples embarking on a journey to Cythera, a mythical island dedicated to the goddess of love, symbolizing love and romance.

Greco-Roman Deity

A god or goddess from the pantheon of ancient Greece and Rome, often associated with specific aspects of life, nature, or human endeavor.