Suppose nominal GDP in a country rose in the third quarter of 2008 (from the second quarter) . Yet, real GDP fell in the third quarter of 2008. What could have accounted for this?
A) The economy's price level declined over the second and third quarters of 2008.
B) The general price level in the economy in the third quarter is higher than that in the second quarter of 2008.
C) Production of goods must have increased by a greater rate than the increase in the economy's price level.
D) The population of the country must have increased over the last quarter.
Correct Answer:
Verified
Q15: A sustained period of rising real GDP
Q16: The value, at current market prices, of
Q17: Which of the following statements is NOT
Q18: Use the following to answer questions.
Exhibit: Real
Q19: The total value of all final goods
Q21: Which of the following is NOT a
Q22: Use the following to answer questions .
Exhibit
Q23: To identify the onset of a recession,
Q24: The terms inflation and deflation refer to
Q25: Use the following to answer questions .
Exhibit
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