Discussion Question 27-11\ a. Nominal GDP is\ \ \ \ multiple choice 1\ adjusted for inflation, whereas real GDP is the market or money value of all final goods and services produced by the economy in a given year.\ the market or money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation.\ determined in the market, whereas real GDP is computed by a government agency.\ the sum of intermediate and final goods and services, whereas real GDP is the sum of final goods and services only.\ \ \ \ b. The more reliable measure for comparing changes in the standard of living over a series of years is\ \ \ \ multiple choice 2\ real GDP.\ average GDP.\ nominal GDP.\ marginal GDP.\ \ \ \ c. The GDP price index is\ \ \ \ multiple choice 3\ a measure of the price of a specified collection of goods and services compared to the price of a highly similar collection of goods and services in a reference year.\ a measure of nominal GDP adjusted for inflation.\ a measure of the price of a specified collection of goods and services compared to the average of the prices of a highly similar collection of goods and services for the last 10 years.\ computed for each industry sector.\ \ \ \ d. Which of the following statements is true?\ \ \ \ multiple choice 4\ Real GDP is nominal GDP subtracted from the price index.\ Real GDP is nominal GDP added to the price index.\ Real GDP is nominal GDP divided by the price index.\ Real GDP is nominal GDP multiplied by the price index.