Suppose the economy has a recessionary ga
A) raise real GDP without increasing the price level.
B) raise real GDP and the price level.
C) raise the price level alone, but cannot increase real GDP.
D) raise real GDP and decrease the price level.
Question 2
________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is produced.
A) Real gross domestic product B) Gross national product
C) Total product D) Nominal gross domestic product
A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was 280 and it was 320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.
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