When the value of nominal GDP increases from one year to the next, we know that one or two things must have happened during that time:
A) The nation produced fewer goods and services and/or prices fell for goods and services.
B) Consumption expenditure increased and/or corporate profits increased.
C) Investment increased and/or payments to employees increased.
D) The nation produced more goods and services and/or prices rose for goods and services.
E) the value of real GDP must have increased and/or the price level must have decreased.
D
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Refer to the above table. Assuming that opportunity costs are constant, the opportunity cost of producing a computer in the United States is equal to ________, and the opportunity cost of producing a computer in Mexico is ________
A) 4 bicycles; 0.5 bicycles B) 0.25 bicycle; 2 bicycles C) 2.67 computers; 0.33 bicycles D) 0.375 bicycle; 3 computers
For a firm to reduce competitive intensity, it should
a. Enact barrier to entry b. Lobby to the government c. Acquire patents d. All the above