Nominal GDP uses constant base-year prices to place a value on the economy's production of goods and services, while real GDP uses current prices to place a value on the economy's production of goods and services
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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What will be an ideal response?
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When monopolistically competitive firms earn ________ economic profits, other firms ________ an industry in the long run.
A. negative; enter B. zero; exit C. zero; enter D. positive; enter
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