According to the BEA, in the second quarter of 2011 nominal GDP was $15 trillion and in the second quarter of 2012 nominal GDP was $15.6 trillion. Based solely on this information, from the second quarter of 2011 to the second quarter of 2012
A) real GDP may have increased, decreased, or stayed the same.
B) real GDP definitely increased.
C) real GDP definitely decreased.
D) prices definitely increased.
A
You might also like to view...
Classical economists believed that:
a. price flexibility automatically directs market economies to full employment. b. budget deficits and surpluses were necessary for the control of economic fluctuations. c. market economies suffer prolonged periods of recessions and depressions. d. market economies are inherently unstable because of fluctuating aggregate demand.
The consumer price index is
a. not very useful as a measure of the cost of living. b. a perfect measure of the cost of living. c. a useful measure, but not a perfect measure, of the cost of living. d. not used as a measure of the cost of living.