Holding all else constant, a country's standard of living will rise if its
A. nominal GDP grows at a faster rate than real GDP.
B. nominal GDP grows at a slower rate than real GDP.
C. the rate of population growth exceeds the rate of growth of real GDP.
D. the rate of population growth is less than the rate of growth of real GDP.
Answer: D. the rate of population growth is less than the rate of growth of real GDP.
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Households ________ final goods and services in the ________ market
A) purchase; factor B) purchase; product C) sell; factor D) sell; product