If real GDP decreased by 1 and nominal GDP increased by 2, then output:
a. increased and the price level increased.
b. increased and the price level decreased.
c. decreased and the price level increased.
d. decreased and the price level decreased.
Question 2
Which of the following statements is true?
a. Real GDP is a positive function of net exports.
b. In the 1980s, the United States experienced a large trade surplus with Japan.
c. Positive net exports mean that the domestic country imports more than it exports.
d. Total U.S. net exports with Western Europe are zero.
e. U.S. net exports are negative because of large trade deficits with other industrial nations.
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