Which of the following statements about nominal and real GDP is correct? O A change in real GDP reflects both a change in output as well as prices thus it is a better measurement than nominal GDP. O A change in nominal GDP could reflect either changes in output or changes in prices thus it is a better measurement than real GDP. O Nominal GDAvalues production at base year prices, whereas real GDP values production at current year prices. O Nominal GDP values production at current year prices, whereas real GDP values production at base year prices.

Which of the following statements about nominal and real GDP is correct? O A change in real GDP reflects both a change in output as well as prices thus it is a better measurement than nominal GDP. O A change in nominal GDP could reflect either changes in output or changes in prices thus it is a better measurement than real GDP. O Nominal GDAvalues production at base year prices, whereas real GDP values production at current year prices. O Nominal GDP values production at current year prices, whereas real GDP values production at base year prices.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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