The Table below summarizes the nominal and real GDP information for an economy for 2013 and 2014: 2013 2014 Nominal GDP Real GDP OMR 43,000 OMR 38,700 OMR 51,000 OMR 44,300 Between 2013 and 2014, what has happened to price levels in this economy? Select one: a. The price level has fallen. b. The price level has risen. c. The price level has remained stable. d. None of the answers are correct e. Not enough information is available to determine what has happened to prices.

The Table below summarizes the nominal and real GDP information for an economy for 2013 and 2014: 2013 2014 Nominal GDP Real GDP OMR 43,000 OMR 38,700 OMR 51,000 OMR 44,300 Between 2013 and 2014, what has happened to price levels in this economy? Select one: a. The price level has fallen. b. The price level has risen. c. The price level has remained stable. d. None of the answers are correct e. Not enough information is available to determine what has happened to prices.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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