What is the difference between Nominal GDP and Real GDP?
a. Real GDP is a figure adjusted for exchange rate differences among countries.
b. Real GDP is a figure adjusted for inflation.
c. There is no difference at all. Real GDP is a synonym for Nominal GDP.
d. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world
e. Nominal GDP is a better measure of a nation's economic health (i.e., standard of living) than Real GDP.
.B
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Which of the following statements is false?
A) Each year the United States exports about 50 percent of its wheat crop and 20 percent of its corn crop. B) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs. C) Not all sectors of the U.S. economy are affected equally by international trade. D) Most of the leading exporting countries are large, high-income countries.
An income distribution may not give an accurate picture of the standard of living for the poor because it does not include in-kind transfers
a. True b. False Indicate whether the statement is true or false
For which of the following goods are consumers likely to have the most elastic demand?
A. clothing B. sweaters C. wool sweaters D. purple wool sweaters
Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:
A. price elastic. B. price inelastic. C. income elastic. D. income inelastic.