What is the difference between Nominal GDP and Real GDP?
a. Real GDP is a figure adjusted for exchange rate differences among countries.
b. Real GDP is a figure adjusted for inflation.
c. There is no difference at all. Real GDP is a synonym for Nominal GDP.
d. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world
e. Nominal GDP is a better measure of a nation's economic health (i.e., standard of living) than Real GDP.
.B
You might also like to view...
Consider a country that produces only two goods: pineapples and tractors. Suppose it is possible for this country to increase its production of pineapples without producing fewer tractors. In this case, its current output combination is inefficient
Indicate whether the statement is true or false
The greater the magnitude of the external benefits of production, a. The larger is the deadweight loss from overproduction
b. The greater would be the optimal tax. c. The less the private market solution would deviate from the socially efficient level of output. d. All of the above are true.