In the Base Year, Nominal and Real GDP Are Equal

question 73

True/False

In the base year, nominal and real GDP are equal.

---

Definitions:

Widespread Costs

Expenses that impact a large sector of the population or numerous aspects of an economy, often relating to public policies or externalities.

Benefits Accrue

The accumulation of advantages or positive results over time from an action or investment.

Purely Competitive

A market structure characterized by many participants offering identical products, where no single buyer or seller can influence the market price.

Economic Profits

The excess of total revenue over total costs, including both explicit and implicit costs, as calculated in economic theory.