Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that Select one: a. real output has increased. b. real output has increased and the price level has decreased. c. either real output or the price level (GDP deflator) have increased. d. real output and the price level (GDP deflator) have both increased. e. the price level (GDP deflator) has increased.

Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that Select one: a. real output has increased. b. real output has increased and the price level has decreased. c. either real output or the price level (GDP deflator) have increased. d. real output and the price level (GDP deflator) have both increased. e. the price level (GDP deflator) has increased.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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