QUESTION 17Inflation initiated by increases in wages or other resource prices is labeledO a. demand-pull inflation.O b. demand-push inflation.O c. cost-push inflation.O d. cost-pull inflation.QUESTION 18Suppose nominal GDP was $360 billion in year 1 and $450 billion in year 2. The price index was 120 in year 1 and 125 in year 2. Between year 1 and year 2. real GDPO a. Increased by $60 billion.O b. decreased by $32 billion.O c. increased by $100 billion.O d. increased by $117 billion.QUESTION 19Real GDP accounts for changes in product quality: nominal GDP does not.TrueFalse

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QUESTION 17 Inflation initiated by increases in wages or other resource prices is labeled a. demand-pull inflation. b. demand-push inflation. C. cost-push inflation. d. cost-pull inflation.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Unemployment and Cost of Unemployment

Unemployment is the state of being unemployed, even when an individual is actively seeking work opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed.

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