Asked by SS
Change in Gross Domestic Product Quick Check
1 of 51 of 5 Items
Question
In a hypothetical country, Nominal GDP has increased by 5%
. Which of the following must be true?(1 point)
Responses
Either price, economic output, or both has increased.
Either price, economic output, or both has increased.
Prices have increased.
Prices have increased.
The quantity of economic output has decreased.
The quantity of economic output has decreased.
The quantity of economic output has increased.
Answers
There are no human answers yet.
Answered by
GPT-4o mini
In the scenario where Nominal GDP has increased by 5%, the correct answer is:
**Either price, economic output, or both has increased.**
Nominal GDP measures the total value of all goods and services produced in a country at current market prices, so an increase can result from an increase in prices, an increase in the quantity of goods and services produced, or a combination of both.
**Either price, economic output, or both has increased.**
Nominal GDP measures the total value of all goods and services produced in a country at current market prices, so an increase can result from an increase in prices, an increase in the quantity of goods and services produced, or a combination of both.
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.