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MacroEconomics 8.5 Distinguishing Between Nominal and Real Values Study Guide $8.99   Add to cart

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MacroEconomics 8.5 Distinguishing Between Nominal and Real Values Study Guide

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MacroEconomics 8.5 Distinguishing Between Nominal and Real Values Study Guide

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  • October 15, 2024
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MacroEconomics 8.5 Distinguishing
Between Nominal and Real Values Study
Guide

Consider the following table for the economy of a nation whose residents produce five final

goods: - Answer✔✔-


What is the difference between nominal GDP and real GDP? - Answer✔✔-Nominal GDP is

measured in current market prices while real GDP corrects for changes in the overall level of

prices from year to year.


Real GDP is computed by adjusting nominal GDP for - Answer✔✔-changes in the price level.


If real GDP increases in any year, we know that - Answer✔✔-the output of goods and services

produced this year has increased.


If nominal GDP increases, it is possible that - Answer✔✔-A. output has increased.


B. both prices and output have increased.


C. prices have increased.


*D. any of the above might have happened.




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