A Nation's Total Real GDP Is NOT Used as an Indicator

question 74

Multiple Choice

A nation's total real GDP is NOT used as an indicator of the living standard of the people in the nation because it:

• A) does not take into consideration the population of the nation.
• B) is not adjusted for the average price level in the nation.
• C) measures per person rather than aggregate production.
• D) measures the price level rather than the output in the nation.

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Definitions:

Decreased

A reduction in size, number, or amount of something from a previous level.

Credit

A financial agreement where a borrower receives something of value now and agrees to repay the lender at a future date.

Liability Account

An accounting record representing money or value owed by the company to others.

Decrease

A reduction in size, number, or amount.