Real GDP equals:
A. nominal GDP minus net exports.
B. nominal GDP divided by the GDP deflator.
C. nominal GDP multiplied by the GDP deflator.
D. GDP minus depreciation.
Ans: B. nominal GDP divided by the GDP deflator.
Economics
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A fall in marginal utility reflects:
a. the water and diamond paradox. b. the law of supply. c. the principle of diminishing marginal utility. d. decreased consumption of a good. e. the fact that total utility must be declining.
Economics
In the circular flow model, the source of the factors of production used to create goods and services is the
a. product market b. resource market c. firms d. households e. exchange market
Economics