Multiple Choice
Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above.
- Between 2012 and 2013, which grew more rapidly: Nominal GDP or real GDP?
A) Because real GDP and nominal GDP use different prices, it is not possible to determine which grew most rapidly.
B) both grew at the same rate
C) real GDP grew more rapidly
D) nominal GDP grew more rapidly
E) More information is needed to determine which grew more rapidly.
Correct Answer:

Verified
Correct Answer:
Verified
Q55: Economists define investment to include purchases of<br>A)capital
Q56: Which of the following is classified as
Q57: Expenditures in GDP do not include<sub>--------------------</sub><br>A)used goods
Q58: The expenditure approach to measuring GDP is
Q59: Investment includes<br>A)student purchases of laptops.<br>B)GM's purchase of
Q61: <span class="ql-formula" data-value="\begin{array} { l c }
Q62: When calculating real GDP, the reference base
Q63: In a small country, using prices of
Q64: The U.S. economy is experiencing rising output,
Q65: The purchase of 500 shares of Honda