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Author Question: In the figure above, with the tariff the United States imports ________ million shirts per year. ... (Read 218 times)

nautica902

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on: Jun 29, 2018
In the figure above, with the tariff the United States imports ________ million shirts per year.
 
  A) 24
  B) 8
  C) 32
  D) 16

Question 2

Is it possible for nominal GDP to increase while real GDP does not change?
 
  What will be an ideal response?


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KKcool

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Yes, it is possible for nominal GDP to increase while real GDP does not change. Nominal GDP changes if either prices or production change, while real GDP changes only if production changes. If production does not change while the prices of the goods and services increase, real GDP does not change while nominal GDP increases.


nautica902

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Reply 2 on: Jun 29, 2018
:D TYSM

tkempin

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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