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Total- Version A MULTIPLE CHOICE (2 points each for a total of 100 points) Choose the best response. 1. A person should consume more of something when its marginal A. benefit exceeds its marginal cost B. cost exceeds its marginal benefit C. cost equals its marginal benefit D. benefit is still better. 2. If there is a surplus of a product, its price A. is below the equilibrium level. B. is above the equilibrium level. C. will rise in the near future. D. is in equilibrium. 3. If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real GDP? A. nominal and real GDP would both rise. B. nominal and real GDP would both be unchanged. C. real GDP would rise, but nominal GDP would be unchanged. D. nominal GDP would rise, but real GDP would be unchanged