The Major Difference Between Nominal GDP and Real GDP Is

question 205

Multiple Choice

The major difference between nominal GDP and real GDP is that

• A)real GDP is the absolute value of goods and services and nominal GDP is a relative value.
• B)real GDP refers to products made in the United States and nominal GDP refers to both exports and imports.
• C)nominal GDP is the market value and real GDP has been adjusted for inflation.
• D)real GDP is a relative value and nominal GDP is an absolute value.

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Definitions:

Inferential Statistics

The branch of statistics that allows drawing conclusions and making predictions about a population based on a sample of data.

Numerical Information

Data that is quantifiable and can be used for mathematical calculations and statistical analysis.

Experimental Units

The smallest division of participants or items in an experiment that can receive different treatments.

Descriptive Statistics

Descriptive statistics summarize and describe the main features of a dataset through measures such as mean, median, and standard deviation.