If a nation's nominal GDP is $3,257 million and its price level is 110, then its real GDP is

The recession of 2008-2009 demonstrated that ________

A) consumption is especially sensitive to changes in the retirement age B) changes in wealth can be a major source of fluctuations in consumption C) as consumers get older, they tend to exhaust all their savings D) permanent income is something of a misnomer

Which of the following events would unambiguously cause an increase in the equilibrium price of cotton shirts?

a. an increase in the price of wool shirts and a decrease in the price of raw cotton b. a decrease in the price of wool shirts and a decrease in the price of raw cotton c. an increase in the price of wool shirts and an increase in the price of raw cotton d. a decrease in the price of wool shirts and an increase in the price of raw cotton