Question 1
If real GDP in 2016 using 2015 prices is equal to the nominal GDP of 2016, then
◦ prices in 2016 are lower than prices in the base year.
◦ the price level has not changed.
◦ prices in 2016 are higher than prices in the base year.
◦ real GDP in 2016 is larger than real GDP in 2015.
Question 2
Refer to the information provided in Table 21.10 below to answer the question(s) that follow.
Refer to Table 21.10. Assume that this economy produces only two goods Good
X and Good
Y. The value for this economy's nominal GDP in year 1 is
◦ $110.
◦ $130.
◦ $140.
◦ $160.
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