The GDP is the
A) monetary value of all final goods and services produced within a nation in a particular year.
B) national income minus all non-income charges against output.
C) monetary value of all economic resources used in producing a year's output.
D) monetary value of all goods and services, final and intermediate, produced in a specific year.
The GDP is the
A) monetary value of all final goods and services produced within a nation in a particular year.
B) national income minus all non-income charges against output.
C) monetary value of all economic resources used in producing a year's output.
D) monetary value of all goods and services, final and intermediate, produced in a specific year.
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7. The difference between nominal GDP and real GDP is that nominal GDP:
| A. |
measures a country's production of final goods and services at current market prices, whereas real GDP measures a country's production of final goods and services at the same prices in all years. |
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| B. |
is measured in dollar terms, whereas real GDP is measured in terms of numbers of goods and services produced |
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| C. |
measures the total value of only final goods and services, whereas real GDP measures the value of all goods and services, both intermediate and final |
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| D. |
measures a country's production of final goods and services at fixed prices, whereas real GDP measures a country's production of all final goods and services at current market prices |
