Suppose the total market value of all the final goods and services produced in the country of Rushya was $8 billion in 2008 (measured in 2008 prices) and $9 billion in 2009 (measured in 2009 prices). Which of the following statements is definitely correct?

A. Real GDP increased in Rushya between 2008 and 2009.
B. Average price levels increased in Rushya between 2008 and 2009.
C. Production increased in Rushya between 2008 and 2009.
D. Whether real GDP increased cannot be determined with the information given.

Answer: D

Economics

You might also like to view...

Explain the utilitarianism principle. How is it deficient?

What will be an ideal response?

Economics

Because a bank pays a lower interest rate on deposits than it charges on loans, it cannot fail

a. True b. False Indicate whether the statement is true or false

Economics