8. If both aggregate output and the aggregateprice level increase ______. (Point

Question

8. If both aggregate output and the aggregateprice level increase ______. (Points: 1)
      real GDP will increase faster than nominalGDP
       nominal GDP will increasefaster than real GDP
       it makes no difference toreal or nominal GDP
       either A or B may becorrect


9. The official unemployment rate ignores_______. (Points: 1)
       people with professionaljobs
       people who work oncommission
       discouraged workers whohave given up looking for a job
       all of theabove


10. Many economists believe that the CPIoverstates inflation because ______. (Points: 1)
       innovation forcesconsumers to pay more for most goods and services
       the Bureau of LaborStatistics collects data on the prices of only a few goods andservices
       the CPI market basketdoesn't reflect the fact that consumers shift consumption away frommore expensive goods
       people use it to bargainfor wage increases

Explanation / Answer

8. No difference 9. Discourage workers who have given up job hunting 10. CPI market basket does not reflect more expensivegoods

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