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(Solution document) Question 1: An increase in nominal gross domestic product necessarily entails an increase in a. both real output and the price level. the price level...


Question 1:

An increase in nominal gross domestic product necessarily entails an increase in

a. both real output and the price level.

b. the price level and employment.

c. real output and employment.

d. either real output or the price level (or both).

 

Question 2

The advantage of the consumer price index, calculated by the Bureau of Labor Statistics, over the GDP deflator, calculated by the Bureau of Economic Analysis, is that the CPI

a. is available each month rather than only quarterly

b. indicates how much of any current inflation is caused by wage increases and how much is caused by price increases.

c. provides a more comprehensive measure of price level changes.

d. indicates how much of any current inflation is caused by market power.

e. indicates how much of any current inflation is caused by retail markups.

 







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