Real GDP, as opposed to money (nominal) GDP, has been adjusted for changes in the general level of prices.
a. True
b. False
Indicate whether the statement is true or false
Question 2
In the upward-sloping segment of the aggregate supply curve,
a. when GDP increases, the price level rises.
b. when GDP increases, the price level does not change.
c. when GDP decreases, the price level rises.
d. when GDP increases, the price level falls.
e. there is no relationship between changes in GDP and changes in the price level.
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