Based on the table of Real GDP, which comparison of the nominal GDP and the real GDP is accurate?
a. The nominal GDP is usually equal to the real GDP.
b. The nominal GDP is usually less than the real GDP.
c. The nominal GDP is usually more than the real GDP.
d. The relationship between nominal and real GDP depends on the base year.
d. The relationship between nominal and real GDP depends on the base year.
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When inflation is high and unexpected,
A) borrowers of money lose and lenders win. B) borrowers of money win and lenders lose. C) both borrowers and lenders of money win. D) both borrowers and lenders of money lose.
In the short run, suppose average total cost is a straight line and marginal cost is positive and constant. Then, we know that:
A) marginal cost is less than average total cost. B) average total cost is positive and constant. C) average total cost equals marginal cost. D) A and B are correct. E) B and C are correct.