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:

Right-to-Work Laws

Legislation that prohibits compulsory membership in or payment to a union as a condition of employment, aimed at protecting workers' rights to choose.

United Auto Workers

A labor union in the United States that represents workers in the automotive industry.

Inclusive Union Strategy

A labor union strategy that seeks to include workers of all skill levels, industries, and backgrounds to strengthen bargaining power and achieve common labor interests.

Union Labor

Union Labor refers to labor or workforce that is represented by a labor union, which negotiates wages, working conditions, and other employment terms on their behalf.