Part A$.20$ Multiple Choice Questions $(1$ point each, $20$ points in total$)$

Choose the best possible answer in each question and type your choice in the MCQ answer table in answer file

Q$.1$ The table below presents the GDP of an economy.

Given the information above, what can we say has happened in the economy from $2011$ to $2012?$

A$)$ The price level has fallen.

B$)$ The price level has remained constant.

C$)$ The price level has risen.

D$)$ The quantity of each of the final goods and services produced in the economy must have decreased.

E$)$ The growth rate of the nominal GDP from $2011$ to $2012$ is positive.

For Q$.2$ and Q$.3$ Refer to Table $2$ below

Table $2$

A very simple economy produces three goods: movies, burgers, and bikes. The quantities produced and their corresponding prices in $2006$ and $2011$ are shown in the table above.

Q$.2$ What is nominal GDP in $2011?$

A$)\backslash (\backslash$$ $3,320\backslash )$

B$)\backslash (\backslash$$ $3,690\backslash )$

C$)\backslash (\backslash$$ $6,360\backslash )$

D$)\backslash (\backslash$$ $7,035\backslash )$

E$)\backslash (\backslash$$ $8,505\backslash )$

Q$.3$ What is real GDP in $2011,$ using $2006$ as the base year?

A$)\backslash (\backslash$$ $3,320\backslash )$

B$)\backslash (\backslash$$ $3,690\backslash )$

C$)\backslash (\backslash$$ $6,360\backslash )$

D$)\backslash (\backslash$$ $7,035\backslash )$

E$)\backslash (\backslash$$ $8,505\backslash )$