If the Real Gross Domestic Product (GDP)is $5 Trillion for a Particular

question 38

True/False

If the real gross domestic product (GDP)is $5 trillion for a particular year and the GDP price index is 140,then the nominal GDP is $7 trillion.

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Definitions:

Skepticism

An attitude of doubt or a disposition to incredulity either in general or toward a particular object.

Empirical Evidence

Information acquired by observation or experimentation that is used as a basis for knowledge in science.

Observation

The act of carefully watching and noting phenomena as they occur in order to gather data.

Operational Definition

A specific description of the terms and procedures used in a research study, allowing others to replicate the experiment.