If nominal GDP rises: a. Real GDP may either rise or fall. b. We can be certaint

Question

If nominal GDP rises:



a. Real GDP may either rise or fall.

b. We can be certainthat price levels have risen.

c. Real GDP must fall.

d. Real GDP mustrise.

Allocative and productive efficiency are conditions that bestcharacterize _________.



a. Full Employment

b. Full Production

c. Traditional Economies.

d. CommandEconomies

An increase in income will tend to increase the demand for aproduct.



a. True

b. False
In comparing GDP data over a period of years, a differencebetween nominal and real GDP may arise because:



1. Of changes in trade deficits andsurpluses

2. The length of the workweekhas changed over time.

3. The price level may changeover time.

4. Depreciation may begreater or smaller than gross investment.

Allocative and productive efficiency are conditions that bestcharacterize _________.



a. Full Employment

b. Full Production

c. Traditional Economies.

d. CommandEconomies

An increase in income will tend to increase the demand for aproduct.



a. True

b. False
In comparing GDP data over a period of years, a differencebetween nominal and real GDP may arise because:



1. Of changes in trade deficits andsurpluses

2. The length of the workweekhas changed over time.

3. The price level may changeover time.

4. Depreciation may begreater or smaller than gross investment.

Explanation / Answer

If nominal GDP rises we can be certain that price levels haverisen.

An increase in income will tend to increase the demand for aproduct. true

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