Historically, Real GDP Has Increased Less Rapidly Than Nominal GDP

question 130

Multiple Choice

Historically, real GDP has increased less rapidly than nominal GDP because

• A) price indices have not reflected improvements in product quality.
• B) the general price level has increased.
• C) technological progress has resulted in more efficient production.
• D) the general price level has decreased.

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Definitions:

Annual Volume

Refers to the total quantity of products manufactured, sold, or consumed over the course of a year.

Distribution Resource Planning

A method used in business logistics management for planning orders within a supply chain, to ensure that distribution is completed efficiently and inventory levels are kept optimal.

Time-Phased Stock

Inventory planning and control approach that accounts for changes in demand and supply over different time periods, often used in material requirements planning (MRP).

Distribution Network

The interconnected group of storage facilities and transportation systems that move goods from manufacturers to consumers.