If Nominal GDP Growth in an Economy Is a Constant

question 109

Multiple Choice

If nominal GDP growth in an economy is a constant 7 percent,the economy's long-run equilibrium is at Y equal to ________ with inflation of ________.

• A)100,zero
• B)100,7 percent
• C)107,zero
• D)107,7 percent
• E)103.5,3.5 percent

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Definitions:

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The way cultural elements, such as beliefs, practices, fashion, and technology, change and gain popularity over time within a society.

Neandertals

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Homo Sapiens Sapiens

The scientific name for modern humans, emphasizing our species as the most recent development in human evolution.

Nonhuman Primate Beginnings

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