Wealth is considered to be a nonincome determinant of consumption

An increase in the wealth of households, other things remaining the same, can result in ____ the consumption function

a. no effect on b. an upward shift in c. a movement to the left along d. a downward shift of

Which of the following statements about nominal GDP and real GDP is correct?

a. Nominal GDP is a better gauge of economic well-being than real GDP. b. Real GDP is a better gauge of economic well-being than nominal GDP. c. Real GDP and nominal GDP are equally good measures of economic well-being. d. Neither nominal nor real GDP provide a measure of economic well-being.