What is Nominal GDP?
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What is the Nominal GDP? What is Real GDP? Why is it important to distinguish Nominal GDP from Real GDP?
Which of the following statements about nominal GDP and real GDP is correct?
a. Real GDP is a better gauge of economic well-being than is nominal GDP.
b. Real GDP and nominal GDP are equally good measures of economic well-being.
c. Whether real GDP or nominal GDP is a better measure of economic well-being depends on the mix of goods and services.
d. Nominal GDP is a better gauge of economic well-being than is real GDP.