If both real GDP and nominal GDP of a country increased at the same rate in a particular year, which of the following is most likely to have taken place?
a. Output increased and the price level increased
b. Output increased and the price level decreased
c. Output decreased and the price level increased
d. Output decreased and the price level decreased
e. Output increased and the price level remained constant
Question 2
If nominal GDP of a country increased and real GDP remained unchanged in a particular year, which of the following is most likely to have taken place?
a. Output increased and the price level increased
b. Output increased and the price level decreased
c. Output remained constant and the price level increased
d. Output decreased and the price level decreased
e. Output increased and the price level remained constant
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