Suppose a war in the Middle East interrupts the flow of crude oil and oil prices skyrocket around the world. For economists, this historical episode serves as a

A decrease in the price of a particular good, with all other variables constant, causes

a. a shift to a different demand schedule with higher quantities demanded b. a shift to a different demand schedule with lower quantities demanded c. a movement along a given demand curve to a lower quantity demanded d. a movement along a given demand curve to a higher quantity demanded e. no movement along a given demand curve unless supply also changes

Suppose that nominal GDP in 2018 was less than real GDP in 2018. Given this information, we know for certain that

A) the price level in 2016 was greater than the price level in the base year. B) the price level in 2016 was less than the price level in the base year. C) real GDP in 2016 was less than real GDP in the base year. D) real GDP in 2016 was greater than real GDP in the base year.