Macroeconomics Study Set 48
Quiz 7: GDP and the CPI: Tracking the Macroeconomy
If Real Gdp Falls While Nominal Gdp Rises, Then Prices
If real GDP falls while nominal GDP rises, then prices on average have: A) risen. B) fallen. C) stayed the same. D) Real GDP cannot rise when nominal GDP falls.
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The total value of all final goods and services produced in a given year, calculated with the prices current in the year in which the output is produced, is: A) real GDP. B) nominal GDP. C) net exports. D) consumption spending.
The total value of all final goods and services produced in a given year, calculated using the prices of a selected base year, is: A) real GDP. B) nominal GDP. C) net exports. D) consumption spending.
(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. Nominal GDP in 2013 was: A) $400. B) $420. C) $445. D) $820.
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