Explain the differences between real GDP and nominal GDP
What will be an ideal response?
The difference between real GDP and nominal GDP is that real GDP measures the final value of a country's output, using the prices in a base year, while nominal GDP measures the final value of a country's output, using current market prices.
You might also like to view...
Other things equal, the more individuals in a special interest group, the more effect that special interest will be in securing political benefits
a. True b. False
A measure of the responsiveness of quantity supplied to changes in price is known as _____
a. cross-price elasticity b. price elasticity of demand c. price elasticity of supply d. income elasticity e. point elasticity
When there is a shift the aggregate supply curve caused by factors external to a nation's economy, it is called:
A. a trade imbalance. B. government control. C. a supply shock. D. an economic anomaly.
If a union is successful in increasing wages, it may find that:
A. the demand for workers falls. B. the demand for workers increases. C. the price of union-made goods falls. D. the demand for union-made goods rises.