If real GDP rises while nominal GDP falls, then prices on average have: risen. decreased and then been offset by an equal increase. stayed the same. fallen.
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- If nominal GDP rises: real GDP must fall. real GDP must also rise. real GDP may either rise or fall. we can be certain that the price level has risen.Producers will change their prices when GDP is at the equilibrium level. True or FalseFollowing a real GDP trough; increases trough; decreases peak; increases trough; decreases for one year, then increases
- diffrenciate between Nominal and real GDP.Recessions hit parts of the economy differently. What part of the economy is usually hurt the most during a recession? Durable goods. Non-durable goods Consumer non-durable goods Consumer services like dentist appointmentsThe natural level of real GDP is that level of
- recognize why economists believe that economic problems such as “shocks” and “sticky prices” are responsible for short-run fluctuations in GDP;Nominal GDP increased from roughly $15 trillion in 2010 to $21 trillion in 2020. In the same period, prices rose on average by roughly 17 percent. Instructions: Round your response to the nearest whole number. In percentage terms, real GDP increased by percent.If a good produced this quarter goes into inventory, then it is included in this period’s GDP. If it is sold in the next quarter, it will have no effect on GDP. true or false
- If all quantities produced rise by 10%, while all prices fall by 10%, what happens to real GDP? What happens to nominal GDP?Assume that you are told a country’s nominal GDP decreased from one year to the next. All of the following could have occurred, except one. Which one? Output increased and the price level decreased. Output decreased and the price level decreased. Output decreased and the price level remained constant. Output increased and the price level increased. Output remained constant and the price level decreased. Output decreased and the price level increased.If all quantities produced rise by 5 percent and all prices fall by 5 percent, why is nominal GDP unchanged?
