Which of the Following Is Always Measured in Prices from a Base-Year

question 49

Multiple Choice

Which of the following is always measured in prices from a base-year?

• A)both nominal and real GDP.
• B)nominal but not real GDP.
• C)real but not nominal GDP.
• D)neither nominal nor real GDP.

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Definitions:

Cost of Goods Purchased

The total expense incurred by a company to buy the goods it has sold or will sell, excluding any indirect costs.

Finished Goods Inventory

The value of a company's inventory of products that are complete and ready for sale.

Cost of Goods Manufactured

The total cost of goods completed during a specific period, including labor, materials, and overhead.

Cost of Goods Available for Sale

The total cost of beginning inventory plus the cost of goods purchased or manufactured during an accounting period, before any sales are subtracted.