Multiple Choice
If nominal GDP increased by 11 per cent while real GDP increased by only 5 per cent, then:
A) the price level must have increased by around 6 per cent
B) the price level must have increased by around 16 per cent
C) the price level remained steady but real output fell by around 6 per cent
D) the unemployment rate must have fallen during the year
Correct Answer:

Verified
Correct Answer:
Verified
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