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ENGR.ECONOMIC ANALYSIS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In 2012, the nominal GDP is $1.6 trillion but the
real GDP is $1.8 trillion. What is the
implication for the change in the price level in
that year relative to the base year 2011?
The price level did not change.
The price level was higher.
The price level was lower.

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