The Table below summarizes the nominal and real GDP information for an economy for 2013 and 2014: 2013 2014 Nominal GDP $43,000 $51,000 Real GDP $38,700 $44,300 Between 2013 and 2014, what has happened to price levels in this economy? Select one: O a. The price level has risen. O b. The price level has remained constant. O . The price level has fallen. d. 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 $43,000 $51,000 Real GDP $38,700 $44,300 Between 2013 and 2014, what has happened to price levels in this economy? Select one: O a. The price level has risen. O b. The price level has remained constant. O . The price level has fallen. d. Not enough information is available to determine what has happened to prices.
Essentials Of Business Analytics
1st Edition
ISBN:9781285187273
Author:Camm, Jeff.
Publisher:Camm, Jeff.
Chapter3: Data Visualization
Section: Chapter Questions
Problem 2P: The following table shows an example of gross domestic product values for five countries from 2005...
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![The Table below summarizes the nominal and real GDP information for an economy for 2013 and 2014:
2013
2014
Nominal GDP
$43,000
$51,000
Real GDP
$38,700
$44,300
Between 2013 and 2014, what has happened to price levels in this economy?
Select one:
O a. The price level has risen.
O b. The price level has remained constant.
O . The price level has fallen.
O d. Not enough information is available to determine what has happened to prices.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F41aae8ab-c14a-4179-9a19-9f1df6f25115%2F77814ff7-79a8-476c-9c80-9f94ed424aa5%2Fvcahyn5_processed.png&w=3840&q=75)
Transcribed Image Text:The Table below summarizes the nominal and real GDP information for an economy for 2013 and 2014:
2013
2014
Nominal GDP
$43,000
$51,000
Real GDP
$38,700
$44,300
Between 2013 and 2014, what has happened to price levels in this economy?
Select one:
O a. The price level has risen.
O b. The price level has remained constant.
O . The price level has fallen.
O d. Not enough information is available to determine what has happened to prices.
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