The Difference Between Nominal GDP and Real GDP Is That

question 55

Multiple Choice

The difference between nominal GDP and real GDP is that nominal GDP:

• A) measures the total value of only final goods and services, whereas real GDP measures the value of all goods and services, both intermediate and final.
• B) measures a country's production of final goods and services at current market prices, whereas real GDP measures a country's production of final goods and services at the same prices in all years.
• C) is measured in dollar terms, whereas real GDP is measured in terms of numbers of goods and services produced.
• D) measures a country's production of final goods and services at fixed prices, whereas real GDP measures a country's production of all final goods and services at current market prices.

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Definitions:

Lorenz Curve

A curve showing the distribution of income in an economy. The cumulated percentage of families (income receivers) is measured along the horizontal axis and the cumulated percentage of income is measured along the vertical axis.

Income

Income is the money received by an individual or business in exchange for labor, services, or investment, usually measured over a specific period like a month or a year.

Household Spending

The total expenditure by household members on goods and services for their own use.

Personal Incomes

The total annual income received by an individual from all sources before taxes.