Use the following figure to answer the questions : 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
Q40: A furniture factory produces dining room sets.The
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Q42: Use the following figure to answer the
Q44: If the price level is 100 for
Q47: Inflation is
A)The increase in the market value
Q48: An economy's production possibilities curve indicates
A)The rate
Q48: Use the following figure to answer the
Q49: Depreciation represents
A)The consumption of capital in the
Q54: Assume nominal GDP is $10,000 billion in
Q56: Net domestic product is
A)Equal to GDP minus
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