Question 1 Not yet onswered Points out of 1 P Flag question You see online that

Question

Question 1 Not yet onswered Points out of 1 P Flag question You see online that GDP increased by 3%. This tells you that Select one: a. The prices of goods and services increased by 3% b, the value of output produced within the country increased by 3% C. The number of jobs in the economy increased by 3% d, the amount of government spending increased by 3% O 0 Question 2 Not yet answered Points out of 1.0 P Flag question Price 100 80 60 40 H D2 20 D1 0 10 20 30 40 50 60 70 80 90 100 Quantity f the figure depicts a market for an "normal good. which of the following statements describes what could have happened? Select one: O a. Consumer income increased, causing an increase in demand and an increase in q O b. Consumer income decreased. causing an increase in demand and an increase in supply uantity supplied c. consumers expect lower future prices, causing an increase in demand and an increase in supply O d. The price of a substitute good increased, causing an increase in quantity demanded and an increase in quantity supplied.

Explanation / Answer

Q1. Answer is b. The value of Output produced within the country increased by 3%. Explanation: GDP measures the value of goods and service produced in the country in an year. Q2. Answer is a. Consumer income increased, causing an increase in demand and an increase in quantity supplied.

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