U.S. GDP increased from $12.5 trillion in 2005 to $14 trillion in 2009. This means that:
A) people in the U.S. produced more goods and services in 2009 than in 2005.
B) the prices of all goods and services were higher in 2009 than in 2005.
C) Either of these could be true.
D) Both of these must be true.

Question

Quizplus · Accepted Answer

GDP can increase due to an increase in the production of goods and services or due to an increase in prices (inflation), or a combination of both.

US GDP Increased from $12