Which of the following statements correctly highlights a difference between real GDP and nominal GDP?
A) Real GDP includes the value of goods and services produced by foreign firms, while nominal GDP does not.
B) Real GDP strips out the effect of changing prices on the value of goods and services produced, while nominal GDP does not.
C) Real GDP includes the value of goods and services produced by domestic firms in foreign countries, while nominal GDP does not.
D) Real GDP does not take into account the value of goods produced and also services provided, while nominal GDP takes these into account.
B
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Which of the following will be required for a country to move up the income ladder and achieve high-income status?
What will be an ideal response?
If a monopolist is able to practice perfect price discrimination, there will be no deadweight loss.
Answer the following statement true (T) or false (F)