Which of the following statements about GDP is correct?
(i) Nominal GDP is the aggregate value of all final goods and services at current prices, whereas real GDP is the aggregate value of all final goods and services at constant prices.
(ii) Nominal GDP is the aggregate value of all final goods and services at constant prices, whereas real GDP is the aggregate value of all final goods and services at current prices.
(iii) Nominal GDP is the aggregate value of the production measured by the cost of all the resources used in the production process whereas real GDP is the aggregate value of the production at market prices.
(iv) Nominal GDP is the aggregate value of the production at market prices, whereas real GDP is the aggregate value of the production measured by the cost of all the resources used in the production process.
Which of the following statements about GDP is correct?
(i) Nominal GDP is the aggregate value of all final goods and services at current prices, whereas real GDP is the aggregate value of all final goods and services at constant prices.
(ii) Nominal GDP is the aggregate value of all final goods and services at constant prices, whereas real GDP is the aggregate value of all final goods and services at current prices.
(iii) Nominal GDP is the aggregate value of the production measured by the cost of all the resources used in the production process whereas real GDP is the aggregate value of the production at market prices.
(iv) Nominal GDP is the aggregate value of the production at market prices, whereas real GDP is the aggregate value of the production measured by the cost of all the resources used in the production process.
