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cker return to a greater level of real GDP (Y) and lower unemployment, with a lower average price level (P). e) None of the above. Question 17: Nominal GDP for a given year refers to: a) The amount (quantities) of final goods and services produced by a nation in that given year. b) The monetary value of only the intermediate goods and services produced by a nation in that given year. The monetary value of only the final goods and services produced by a nation in a given year which are purchased by households. c) c) d) The monetary value of the final goods and services produced by a nation in a given year, with value determined by market prices in that given year. None of the above. e) Question 18: Real GDP refers to: a) The monetary value of the final goods and services produced by a nation in a given year, with value determined by market prices in that given year. b) The monetary value of only the intermediate goods and services produced by a nation in that given year. The monetary value of only the final goods and services produced by a nation in a given year which are purchased by households. d) The amount (quantities) of final goods and services produced by a nation in that given year. e) None of the above. Question 19: Nominal GDP is equal to: a) Total income (salaries, wages, profit, rent) generated in the production of final goods and services produced within the nation over a specified period of time. b) Total expenditure on all final goods and services produced within the nation over a specified period of time. C+I+G+X-M, over a specified period of time. Answers a, b and c. Answers a and b only. c) d) e) Question 20: Increases in Nominal GDP can be caused by: a) b) c) d) e) Increases in the current prices of the final goods and services produced by a nation. Increases in the quantities produced and sold of final goods and services produced by a nation. Answers a and b. An inward shift in SRAS. An inward shift in LRAS. Question 21: The value of imports is subtracted from the amount of expenditure in an economy households (C), firms (1), and government (G), a specified period of time, because: a) Nominal GDP refers only to the valu final goods and services produced w the nation. b) Total expenditure in an economy households (C), firms (1), and gove (G) includes expenditure on goos services that are produced in ot countries. d) 58 The value of imports refers to goods and services which are other nation's and sold in the country (ie. Turkey). Answers a, b and c. Answers a and b only. e) Question 22: In 2021: i) ii) Total expenditure on services by househo = 500M ; of whi expenditure on fir services produced Total expenditur services by firm