In Comparing GDP Data Over a Period of Years, a Difference

question 190

Multiple Choice

In comparing GDP data over a period of years, a difference between nominal and real GDP may arise because

• A) of changes in trade deficits and surpluses.
• B) the length of the workweek has declined historically.
• C) the price level may change over time.
• D) depreciation may be greater or smaller than gross investment.

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Definitions:

Free-enterprise Economy

An economic system in which private business operates in competition and largely free of state control, with the right to buy, sell, and conduct business.