In 2019, nominal GDP is than real GDP. This means that the purchasing power of the currency in 2019 is than the purchasing power of the currency in the base year. Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. The growth rate of real GDP per capita between 2016 and 2017 is . Assume that real GDP per capita is a good measure of living standards. Which of the following sentences best describes what happened in this economy between 2016 and 2017? Living standards because of which of the following? Real GDP growth outpaced population growth. Population growth outpaced real GDP growth. Real GDP grew at the same rate as the population.
In 2019, nominal GDP is than real GDP. This means that the purchasing power of the currency in 2019 is than the purchasing power of the currency in the base year. Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. The growth rate of real GDP per capita between 2016 and 2017 is . Assume that real GDP per capita is a good measure of living standards. Which of the following sentences best describes what happened in this economy between 2016 and 2017? Living standards because of which of the following? Real GDP growth outpaced population growth. Population growth outpaced real GDP growth. Real GDP grew at the same rate as the population.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In 2019, nominal GDP is than real GDP. This means that the purchasing power of the currency in 2019 is than the purchasing power of the currency in the base year.
Why is real GDP a more accurate measure of an economy's production than nominal GDP?
Real GDP includes the value of exports, but nominal GDP does not.
Real GDP is not influenced by price changes, but nominal GDP is.
Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
The growth rate of real GDP per capita between 2016 and 2017 is .
Assume that real GDP per capita is a good measure of living standards. Which of the following sentences best describes what happened in this economy between 2016 and 2017?
Living standards because of which of the following?
Real GDP growth outpaced population growth.
Population growth outpaced real GDP growth.
Real GDP grew at the same rate as the population.
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