Nominal GDP increased from $14.0 trillion to $14.7 trillion, and the price level increased from 120...

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Nominal GDP increased from $14.0 trillion to $14.7 trillion, and the price level increased from 120 to 126. Which of the following is trum a Real GDP grew faster than nominal GDP b. Output grew at the same rate as the price level. Oc Output grew faster than the price level. d. Output grew slower than the price level Real GDP grew at the same rate as nominal GDP QUESTION 15 Real GDP would be a better measure of economic well-being if it included the value of a leisure time bused goods stocks and bonds purchases. ed intermediate goods Social Security payments QUESTION 16 Frictional unemployment is present in an economy because A workers take time to decide which job is best for them. b the unemployment rate is too low e there are often changes in the industrial makeup of an economy d workers often need to update their skills firms othen ley oft workers due to economic recession QUESTION 17 The consumption calegory includes sa purchases of final goods and services made by consumers jaches of the goods and services made by consumers except nen houses and new cas all chases made by commes all purchases of final gads and senkes mede by consumers capte hoes QUESTION 14 W Nominal GDP increased from $14.0 trillion to $14.7 trillion, and the price level increased from 120 to 126. Which of the following is trum a Real GDP grew faster than nominal GDP b. Output grew at the same rate as the price level. Oc Output grew faster than the price level. d. Output grew slower than the price level Real GDP grew at the same rate as nominal GDP QUESTION 15 Real GDP would be a better measure of economic well-being if it included the value of a leisure time bused goods stocks and bonds purchases. ed intermediate goods Social Security payments QUESTION 16 Frictional unemployment is present in an economy because A workers take time to decide which job is best for them. b the unemployment rate is too low e there are often changes in the industrial makeup of an economy d workers often need to update their skills firms othen ley oft workers due to economic recession QUESTION 17 The consumption calegory includes sa purchases of final goods and services made by consumers jaches of the goods and services made by consumers except nen houses and new cas all chases made by commes all purchases of final gads and senkes mede by consumers capte hoes QUESTION 14 W

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Ans d Explanation Real GDP is the ratio of nominal GDP to the price index Using the ab... View the full answer