Multiple Choice
Which of the following statements about nominal GDP and real GDP is correct?
A) Nominal GDP is a better gauge of economic well-being than real GDP.
B) Real GDP is a better gauge of economic well-being than nominal GDP.
C) Real GDP and nominal GDP are equally good measures of economic well-being.
D) Neither nominal nor real GDP provide a measure of economic well-being.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Suppose an economy's production consists only of
Q10: A country reported a nominal GDP of
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Q12: If in some year nominal GDP was
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Q16: If nominal GDP is $10 trillion and
Q18: Nominal GDP will definitely increase when<br>A)prices increase
Q19: If in some year nominal GDP was
Q109: Changes in the GDP deflator reflect<br>A)only changes