Real GDP differs from nominal GDP in that nominal GDP measures
a. output adjusted for inflation.
b. real output of goods and services.
c. output of goods and services at current prices.
d. real income adjusted for changes in the price level.
c
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Which of the following is more nearly consistent with a global savings glut?
A) high interest rates and the global savings-World GDP ratio is low B) low interest rates and the global savings-World GDP ratio is low C) high interest rates and the global savings-World GDP ratio is high D) low interest rates and the global savings-World GDP ratio is high E) none of the above
According to economists, when two people make exactly the opposite decision
A) one of them is acting irrationally. B) each person evaluates the situation according to his/her individual self-interest. C) one of them is acting out of spite. D) one of them should compromise.