Suppose nominal GDP in Canada increased by 5% in 2013. Given this information, we know with certainty that

Name: Suppose nominal GDP in Canada increased by 5% in 2013. Given this information, we know with certainty that
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While an increase in nominal GDP could imply an increase in real GDP, it could also be the result of an increase in prices without an increase in physical output. Therefore, we cannot conclude whether real GDP increased or the aggregate price level changed without more information.

Suppose Nominal GDP in Canada Increased by 5% in 2013