Multiple Choice
Which statement about nominal and real GDP is incorrect?
A) Real GDP per person is a better measure of standard of living than nominal GDP per person.
B) Real GDP includes products and services produced within a country's borders, no matter what the nationality of the business doing the producing.
C) Nominal GDP per person is measured as a flow.
D) If real GDP is higher this year than last year, the standard of living must have risen.
E) If real GDP is higher this year than last year, there is economic growth.
Correct Answer:

Verified
Correct Answer:
Verified
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