the classical approach to macroeconomics assumes that a) wages, but not prices, adjust quickly to balance quantities supplied and demanded in markets b) wages, and prices adjust quickly to balance quantities supplied and demanded in markets c) prices, but not wages, adjust quickly to balance quantities supplied and demanded in markets d) neither wages nor prices adjust quickly to balance quantities supplied and demanded in markets 2. suppose that nominal gdp were $1200 billion in 2000 and $2000 billion in 2017. the implicit gdp deflator was 100 in 2000 and 166.7 in 2017. from this we can infer that, between 2000 and 2017 a) nominal gdp rose by 33%. b) prices rose by 36%. c) real gdp remained constant. d) real gdp rose by about 11%. 3. if the implicit gdp deflator rose from 154.9 to 158.0 between 2015 and 2017, then what was the rate of inflation between these two years? a) 3.5% b) 3.6% c) 0.4% d) 2% e) none of the above.