One country reported a nominal GDP of $ 200 billion in 2008, and $ 180 billion in 2007. It also reported that the GDP deflator was 125 in 2008 and 105 in 2007. Between 2007 and 2008: a.the real product and the price level fell b.the real product and the price level increased c. real product increased and the price level fell d. real output fell, and the price level increased
One country reported a nominal GDP of $ 200 billion in 2008, and $ 180 billion in 2007. It also reported that the GDP deflator was 125 in 2008 and 105 in 2007. Between 2007 and 2008: a.the real product and the price level fell b.the real product and the price level increased c. real product increased and the price level fell d. real output fell, and the price level increased
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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One country reported a nominal GDP of $ 200 billion in 2008, and $ 180 billion in 2007. It also reported that the GDP deflator was 125 in 2008 and 105 in 2007. Between 2007 and 2008:
a.the real product and the
b.the real product and the price level increased
c. real product increased and the price level fell
d. real output fell, and the price level increased
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