Nominal GDP will always equal real GDP:
a. if prices are declining
b. in the base year.
c. if prices are increasing.
d. if the economy's total production does not change.
b
Economics
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The U.S. economy of the 1970s is typically referred to as ________
A) "The Great Depression" B) "The Great Inflation" C) "The Great Moderation" D) all of the above E) none of the above
Economics
If a monopolist is producing at an output rate at which P = ATC, then
A) its economic profit will be zero. B) its economic profit will be positive. C) it is maximizing its profits. D) it is minimizing its losses.
Economics