In 2012, the nominal GDP is $1.6 trillion but the real GDP is $1.8 trillion. What is the implication for the change in the price level in that year relative to the base year 2011? The price level did not change. The price level was higher. The price level was lower.

In 2012, the nominal GDP is $1.6 trillion but the real GDP is $1.8 trillion. What is the implication for the change in the price level in that year relative to the base year 2011? The price level did not change. The price level was higher. The price level was lower.

Name: In 2012, the nominal GDP is $1.6 trillion but thereal GDP is $1.8 tri
Uploaded: 2022-10-14T12:35:13.000Z
Channel: Bartleby
Description: In 2012, the nominal GDP is $1.6 trillion but thereal GDP is $1.8 trillion. What is theimplication for the change in the price level inthat year relative to the base year 2011?The price level did not change.The price level was higher.The price level