Suppose that nominal GDP in 2000 equals $8,000 trillion and that in 2001 nominal GDP equals $8,500

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Suppose that nominal GDP in 2000 equals $8,000 trillion and that in 2001 nominal GDP equals $8,500 trillion. It can be concluded that

a. total production of output decreased from 2000 to 2001.

b. total production of output increased from 2000 to 2001.

c. the economy experienced inflation from 2000 to 2001.

d. the economy experienced deflation from 2000 to 2001.

e. None of the above is true.

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Exploring Macroeconomics

ISBN: 9781111970314

5th Edition

Authors: Robert L. Sexton

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Question Posted: Oct 29, 2024 07:01 AM

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Suppose that nominal GDP in 2000 equals $8,000 trillion and that in 2001 nominal GDP equals $8,500

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Exploring Macroeconomics

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