1) If real GDP increased by 2% and nominal GDP increased by 1%, then output: A)

ID: 1246314 • Letter: 1

Question

1) If real GDP increased by 2% and nominal GDP increased by 1%, then output: A) increased and the price level increased. B) increased and the price level decreased. C) decreased and the price level increased. D) decreased and the price level decreased. 2) Depreciation is: A) income earned but not received. B) an allowance for the replacement of capital. C) income received but not earned. D) an indirect business tax. 3) The net national product (NNP) can be obtained from the GDP by: A) subtracting depreciation. B) subtracting net income of foreigners and depreciation. C) including the net income of foreigners. D) subtracting depreciation and indirect business taxes.

Explanation / Answer

C) decreased and the price level increased. A) income earned but not received. B) subtracting net income of foreigners and depreciation

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1) If real GDP increased by 2% and nominal GDP increased by 1%, then output: A)

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