Nominal Year Price level GDP 1982 100 €1,600 1992 150 €3,000 2002 300 €6,000 In the above table, which of the following is true concerning changes between 1992 and 2002? O None of the above statements is true. O Nominal GDP increased, but real GDP decreased. O Nominal GDP increased, but real GDP was unchanged.

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 1P
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Nominal
Year
Price level
GDP
1982
100
€1,600
1992
150
€3,000
2002
300
€6,000
In the above table, which of the following is true concerning changes between 1992 and 2002?
O None of the above statements is true.
O Nominal GDP increased, but real GDP decreased.
O Nominal GDP increased, but real GDP was unchanged.
O Nominal and real GDP both increased.
Transcribed Image Text:Nominal Year Price level GDP 1982 100 €1,600 1992 150 €3,000 2002 300 €6,000 In the above table, which of the following is true concerning changes between 1992 and 2002? O None of the above statements is true. O Nominal GDP increased, but real GDP decreased. O Nominal GDP increased, but real GDP was unchanged. O Nominal and real GDP both increased.
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