ECON102 Chapter Notes - Chapter 20: Business Cycle, Environmental Quality, Xm Satellite Radio
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31 Mar 2014
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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. |
|
B. |
is measured in dollar terms, whereas real GDP is measured in terms of numbers of goods and services produced |
|
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 |
|
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 |