Business Cycle in Macroeconomics Exam Questions and Answers Latest Update Graded A+
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Course
Macroeconomics
Institution
Macroeconomics
Business Cycle in Macroeconomics Exam Questions and Answers Latest Update Graded A+
If nominal GDP increases and the price level increases, then we
Select one:
a. Know real GDP increased
b. Know real GDP decreased
c. Know real GDP remained constant
d. Are unsure what real GDP did - Answers...
Business Cycle in Macroeconomics Exam Questions and Answers Latest Update Graded A+
If nominal GDP increases and the price level increases, then we
Select one:
a. Know real GDP increased
b. Know real GDP decreased
c. Know real GDP remained constant
d. Are unsure what real GDP did - Answers d. Are unsure what real GDP did
Which of the following statements is correct?
Select one:
a. nominal & real GDP are always equal in the base year
b. nominal GDP is always above real GDP in base year
c. nominal GDP is always below real GDP in the base year - Answers a. nominal & real GDP are always
equal in the base year
Gross domestic product (GDP) measures the
Select one:
a. market value of final goods and services produced in the economy in a given time period.
b. number of final goods and services produced in the economy in a given time period.
c. number of final goods and services sold in the economy in a given time period.
, d. market value of old and new final goods and services sold in the economy in a given time period.
Feedback - Answers a. market value of final goods and services produced in the economy in a given time
period.
Nominal GDP will increase
Select one:
a. only if the price level rises
b. only if the price level falls.
c. if either the price level or the quantity of goods and services produced rises (and neither fall).
d. only if the quantity of final goods and services produced rises. - Answers c. if either the price level or
the quantity of goods and services produced rises (and neither fall).
Real GDP will increase
Select one:
a. only if the price level falls.
b. if either the price level rises or the quantity of final goods and services produced rises.
c. only if the quantity of final goods and services produced rises.
d. only if the price level rises. - Answers c. only if the quantity of final goods and services produced rises.
The difference between nominal GDP and real GDP is:
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