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:

Population

A group of individuals of the same species living in a particular geographic area and capable of interbreeding.

Meteorite Impact

Occurs when a meteoroid survives its passage through the Earth's atmosphere and impacts the surface, often resulting in craters and sometimes affecting the environment or climate.

Dinosaurs Extinct

The event in which dinosaurs ceased to exist, primarily occurring at the end of the Cretaceous period due to mass extinction events.

Pangea

Supercontinent that began to form about 300 million years ago and broke up 100 million years later.