If real GDP falls from one period to another and the price level stays the same, we can conclude that… a) Nominal GDP increased b) Inflation decreased c) Nominal GDP also decreased d) NDP increased

If inflation rises unexpectedly by 5, indicate for each of the following whether the economic actor is helped, hurt, or unaffected: A union member with a COLA wage contract Someone with a large stash of cash in a safe deposit box A bank lending money at a fixed rate of interest A person who is not due to receive a pay raise for another 11 months