Question: What is the difference between nominal GDP and real GDP ? A . Nominal GDP is the total value of output produced while real GDP

What is the difference between nominal GDP and real GDP?
A. Nominal GDP is the total value of output produced while real GDP is the amount per individual.
B. Nominal GDP represents purchasing power while real GDP is measured in terms of current dollars.
c. Nominal GDP is measured in current market prices while real GDP corrects for changes in the overall level of prices from year to year.
D. Nominal GDP is computed by using the expenditure approach while real GDP is computed by using the income approach.
What is the difference between nominal GDP and real GDP? A.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

1)The country of Bolivia had a Gross Domestic Product of $79 billion in 2016 and a population of 11 million people, the GDP per capita would be Select one: a.$7,182. b.$7.2. Incorrect. Check your...

Q:

1) The opportunity cost of going to school rather than working is the cost of _______ A) food. B) health care. C) housing. D) foregone earnings. 2) Point C in the PPF figure is _______ A) an...

Q:

12 0f 25 Which of the following is a signicant weakness of gross domestic product (GDP) as a measure of the nation's economic performance? 0 GDP excludes the secondhand good market because it is...

Q:

Item 1 0 2 . 5 points eBook Print References Check my workCheck My Work button is now disabled Item 1 0 The major difference between nominal GDP and real GDP is multiple choice nominal GDP measures...

Q:

Hello, I'm struggling at trying to find the yearly economic grow. MATH Level: EADLINES at are your Academic Goals? CIAA) C: Nominal GDP versus Real GDP Nominal GDP is the value of final output...

Q:

In the long run, the most important factor shifting the aggregate supply (AS) curve is aggregate demand (AD). a change in consumer confidence. productivity growth. inflation. Question Gross domestic...

Q:

Keynes' law advocates an increase in taxes in order to fight inflation. increase consumer spending. shift aggregate demand (AD) to the right. decrease government spending. Question Which of the...

Q:

Please help with the answer for below question : gift out answer. 7.12 You are given the following data published by Statistics Canada. GDP, at the end of the fourth quarter (Q4) of 2016 at annual...

Q:

If the consumption function is given Question # 1 (13 points) a) What is the difference between nominal GDP and real GDP? Why do changes in nominal GDP usually overstate changes in total production...

Q:

1. The difference between nominal GDP and real GDP is that: a)nominal GDP is adjusted for inflation but real GDP is not b)real GDP excludes imports and exports c)real GDP is adjusted for inflation...

Q:

Capital investments frequently require significant amounts of money over an extended period of time. The following are examples of typical cash flows associated with capital investments. a....

Q:

A University of South Florida biologist conducted an experiment to determine whether increased levels of carbon dioxide kill leaf-eating moths (USF Magazine, Winter 1999). Moth larvae were placed in...

Q:

To find the stock s intrinsic value, you need to go through the following three steps: 1 . Find the PV of each dividend during the period of nonconstant growth and sum them . 2 . Find the expected...

Q:

Questions Q1. Write a Python program to retrieve the first and last colors from the following list: color_list = ["red", "green", "white", "blue", "black") Q2. Given the following dictionary,...

Q:

As an auditor, why would transactions by the individuals with highest purchase amounts and highest number of transactions represent potential risk?

Q:

Hover over the individuals in the Benford Average visualization. What is the average Benford Expected value for the person (round to two decimal places) with the smallest Benford Average who also has...

Q:

In the clusters chart, click the individual with the highest number of transactions. What is the category or supplier group with the highest number of transactions?