If the Percent Change in Prices Is Greater Than the Percent

question 64

True/False

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP rises.

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Definitions:

Federalism

A political system in which power is divided between a central authority and constituent political units, such as states or provinces.

Great Compromise

An agreement made during the Constitutional Convention of 1787 that in part established a two-house legislature, combining elements of both proportional and equal representation.

Republic Ideology

The political doctrine that supports a form of government where representatives are elected by the people, and there is an emphasis on the rule of law.

American Revolutionaries

Refers to the colonists of the Thirteen American Colonies who rebelled against British control during the late 18th century, leading to the American Revolutionary War.