What likely occurred during 2018 if nominal GDP did not change and real GDP decreased, relative to the year 2017? Select one: O a. Total production of goods and services in the economy did not change in 2018. cross out O b. The economy experienced deflation during 2018. cross out cross out O c. The price level did not change during 2018. cross out O d. Total production of goods and services in the economy increased during 2018. cross out O e. The economy experienced inflation during 2018

Question Completion Status: QUESTION'S If the consumer price index was 110 in the base year and 121 in the following year, then the inflation rate was a. 10 percent. b. 1 percent. C. -9.09 percent. d. 110 percent. O a b. P. QUESTION 6 The USA imports milk. If its price increascs, it will shows up in the consumer price index and in the GDP deflator. a. in the consumer price index, but not in the GDP deflator. in the GDP deflator, but not in the consumer price index. b. C. d. in neither the consumer price index nor in the GDP deflator. O a O b O d Od QUESTION 21 Labor Data for Uruguay Year Chee 2017 2018 2019 Adult 6,000 9,000 population Number of employed Number of unemployed 9,600 4,200 3,900 4,800 600 1,800 600 The labor force participation rate of Uruguay a. increased both from 2017 to 2018 and from 2018 to 2019. ame b. increased from 2017 to 2018 but decreased from 2018 to 2019. C. decreased from 2017 to 2018 but increased from 2018 to 2019. d. decreased both from 2017 to 2018 and…

Variations of actual real GDP around potential real GDP are called economic fluctuations. What is another name for these fluctuations? Select one: O a. Economic growth O b. Trade surpluses O c. Income variations O d. Business cycles Check

Which of the following statements are correct? Select one or more: O a. To find GDP at constant prices we can use the CPl to deflate GDP at current prices O b. Inflation is measured by calculating the cost of a given bundle of goods. c. The basket of goods used to calculate CPI inflation is fixed for long periods O d. Some price indices adjust for the change in the quality of goods over time, as well as the change in prices.