QUESTION 22 The table below shows the price indexes and the sominal gross doemes

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QUESTION 22 The table below shows the price indexes and the sominal gross doemestic product (GDP) for an economy from 2001 to 2005. The real GDP between 2002 and 200s Table 6.3 Year Price Index Nominal GDP 100 S110billion S120billion S125billion 110 132 a decreased by less than SI billion b. remained constant O c. increased more than S5 billion 0 d increased by less than $1 billion e. decreased more than S5 billion QUESTION 23 Click Save and Submit to save and submit. Click Save All Answers to save all answers Save and Sub Save All Answers

Explanation / Answer

Ans)
22.
b.remained constan
Real GDP in 2002=110/105*100=104.76
Real GDP in 2005=137.5/132*100=104.16
23.
c. a decrease in the equilibrium price
24.
e. involves comparing the additional costs and additional benefits of an activity.

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