In Contrast with Nominal GDP, Real GDP Refers to Nominal

question 63

Multiple Choice

In contrast with nominal GDP, real GDP refers to nominal GDP

• A) minus exports.
• B) minus personal income taxes.
• C) corrected for price changes.
• D) corrected for depreciation.

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Definitions:

Supply Curve

A curve showing the relation between the price of a good and the quantity producers are willing and able to sell per period other things constant.

Law of Demand

An economic principle that states the inverse relationship between the price of a good or service and the quantity demanded.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to buy at a specific price.

Price

The amount of money expected, required, or given in payment for something.