the total market value of all the final goods and services produced in the country of GDPLA 2020 (measured in 2019 prices). Which of the following statements is definitely correct? inal GDP increased in GDPLAND between 2019 and 2020. age price levels increased in GDPLAND between 2019 and 2020.

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter19: Measuring Economic Performance
Section: Chapter Questions
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QUESTION 3
Suppose the total market value of all the final goods and services produced in the country of GDPLAND was 530 billion in 2019 (measured in 2019 prices) and 532 billion in
the year 2020 (measured in 2019 prices). Which of the following statements is definitely correct?
O Nominal GDP increased in GDPLAND between 2019 and 2020.
O Average price levels increased in GDPLAND between 2019 and 2020.
O Production increased in GDPLAND between 2019 and 2020.
O None of these statements is correct.
Transcribed Image Text:QUESTION 3 Suppose the total market value of all the final goods and services produced in the country of GDPLAND was 530 billion in 2019 (measured in 2019 prices) and 532 billion in the year 2020 (measured in 2019 prices). Which of the following statements is definitely correct? O Nominal GDP increased in GDPLAND between 2019 and 2020. O Average price levels increased in GDPLAND between 2019 and 2020. O Production increased in GDPLAND between 2019 and 2020. O None of these statements is correct.
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