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Business, 18.03.2021 21:00 lbbeanss

Assuming the nation’s price level (inflation rate) rises by 8% yet the Gross Domestic Product (GDP) rises by 6% over the year, then: (a). Real GDP falls, but Nominal GDP rises.

(b). Real GDP rises, but Nominal GDP falls.

(c). Real GDP remains unchanged, but Nominal GDP falls.

(d). Real GDP and Nominal GDP both fall.

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