If Real GDP in 2016 (Using 2009 Prices)is Lower Than

question 219

Multiple Choice

If real GDP in 2016 (using 2009 prices) is lower than nominal GDP of 2015,then

• A)prices in 2016 are lower than prices in 2015.
• B)nominal GDP in 2016 equals nominal GDP in 2015.
• C)prices in 2016 are higher than prices in 2015.
• D)real GDP in 2016 is larger than real GDP in 2015.

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Definitions:

Prepaid Insurance

An asset account that represents insurance premiums paid in advance, which have not yet expired at the time of the balance sheet.

Wages

The monetary compensation paid by employers to employees in exchange for their labor, typically calculated on an hourly, daily, or piecework basis.

Financial Reports

Documents that contain detailed information about a company's financial health, including balance sheets, income statements, and cash flow statements.

Worksheet

A document or spreadsheet used for planning, calculating, and organizing information, often preparatory for financial statements.