Multiple Choice
Which of the following best describes real GDP?
A) Real GDP evaluates current production at current prices.
B) Real GDP evaluates current production at the prices that prevailed in some specific year in the past.
C) Real GDP is not a valid measure of the economy's performance, since prices change from year to year.
D) Real GDP is a measure of the value of goods only; hence, it excludes the value of services.
Correct Answer:
Verified
Correct Answer:
Verified
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