completes the statement or answers the question 1 An increas

completes the statement or answers the question. 1. An increase in the overall level of prices is called: A. Growth B. Expansion C. Inflation D. Nominal GDP growth 2. The three statistics that are the main focus for those measuring macroeconomic health are A. real GDP, nominal GDP, and unemployment B. real GDP, inflation, and unemployment C. real GDP, nominal GDP, and inflation. D. nominal GDP, unemployment, and inflation. er the question on the basis of the following data. All figures are in billions of dollars: 60 20 12 Consumption Expenditures Investment Transfer Payments (i.e. social security pensions, welfare benefits, disability compensation, et....) U.S. Exports 20 U.S. Imports 15 Government Purchases 3. Refer to the above data. GDP is: A. $101. B. $89. C. $94. D. $85. Form by

Solution

Increase in overall price level is known as inflation. The answer is option (C).

2) The three factors measuring macro economic health is nominal gdp, unemployment and Inflation. The answer is option (D).

3) GDP = C+ I + G + (X- Y) + T

= 60+20+4+(20-15)+12

=$ 101. The answer is option(A).