What Is the Difference Between Real GDP and Inflation-Adjusted GDP

question 39

Multiple Choice

What is the difference between real GDP and inflation-adjusted GDP?

• A)Real GDP is stated in current dollars
• B)Inflation-adjusted, or nominal, GDP reflects output in physical terms
• C)There is no difference between the two
• D)None of the above

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Definitions:

Rawlsian Justice

A theory of justice that emphasizes fairness and equality, proposing that social and economic inequalities should be arranged to benefit the least advantaged members of society.

Social Contract

A philosophical theory or model that originates from the Age of Enlightenment, positing that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to an authority in exchange for protection of their remaining rights.

Rawlsian Justice

A theory of justice that emphasizes fairness and equality, proposing principles to structure society for the benefit of all, especially the least advantaged.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.