Assume That in Year 1, an Economy's Nominal GDP Was

question 168

Multiple Choice

Assume that in year 1, an economy's nominal GDP was $350 billion and in year 2, it was $375 billion. Based on this information, we

• A) cannot make a meaningful comparison of the economy's performance in year 1 relative to year 2.
• B) can conclude that the economy was achieving real economic growth.
• C) can conclude that real GDP was higher in year 1 than in year 2.
• D) can conclude that real GDP was lower in year 1 than in year 2.

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