If Nominal GDP in 2015 Exceeds Nominal GDP in 2014

question 58

True/False

If nominal GDP in 2015 exceeds nominal GDP in 2014, real output must have risen.

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Definitions:

Ending Inventory

Ending Inventory is the total value of all unsold goods that a company has in its possession at the end of an accounting period.

Beginning Inventory

The value of inventory on hand at the start of an accounting period, before any purchases or production have occurred.

Sales

The total amount of a company's revenue generated from goods or services provided to customers.

Unearned Rent Revenue

Income received by a landlord for rent that has yet to be earned, typically relating to payment received in advance for future rental periods.