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Briefly explain whether you agree or disagree with the following statements.
(a) 'If nominal GDP is less than real GDP, then the price level must have fallen during the year.
(b) 'Whether real GDP declines, nominal GDP must also decline'
(c) 'If a recession is so severe that the price level declines, then we know that both real GDP and nominal GDP must decline'
This document contains various important questions and their appropriate answers in the subject field of Economics.
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