Suppose That Nominal GDP Did Not Change in 2011, and Real

question 137

Multiple Choice

Suppose that nominal GDP did not change in 2011, and real GDP decreased, relative to the year 2010. It can be concluded that:

• A)​total production of goods and services in the economy did not change in 2011.
• B)​the economy experienced deflation during 2011.
• C)​the price level did not change during 2011.
• D)​total production of goods and services in the economy declined during 2011.

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Definitions:

Performance Orientation Values

Values that emphasize the importance of achieving excellence, efficiency, and effectiveness in tasks and goals.

Individual Achievements

The accomplishments or successes achieved by a single person through their effort, skill, or courage.

Self-esteem

Refers to an individual's subjective evaluation of their own worth or value.

Gender Egalitarianism

The principle or belief in equal rights and opportunities among genders.