Question

If nominal gdp increases, what might be the cause of this increase?if nominal gdp increases, this could be caused by: (select all that apply.)

Answer 1

An increase in real GDP and a rise in price levels.

GDP:

• A thorough evaluation of American economic activity. The value of the finished goods and services produced in the US is measured by the GDP (without double counting the intermediate goods and services used up to produce them).
• Gross domestic product, also known as GDP, is one of the most popular. It is frequently quoted in reports by governments, central banks, and the business community as well as in newspapers, on television news, and in publications. It is now frequently used as a benchmark for measuring the strength of both national and global economies.
• Most economists, governments, and companies prefer to see a continually increasing GDP since it typically indicates more consumer spending, job growth, tax revenue, and wage increases for workers. GDP declines indicate a contracting economy, which is bad news for both businesses and employees.

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