In Figure 5.2,the fact that real GDP is greater than nominal GDP during the 1960-1980 periods implies that
A) Average price levels during this period must have been lower than during the base period.
B) Per capita GDP must have increased.
C) Average price levels must have decreased during this period.
D) Production must have decreased during this period.
Correct Answer:
Verified
Q41: Q42: If the price level is 100 for Q43: Depreciation represents Q44: If real GDP in 2005 is $8,000 Q45: If nominal GDP was $11,500 billion in Q47: The wearing out of plants and equipment Q48: An economy's production possibilities curve indicates
A)The consumption of capital in the
A)The rate
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