Nominal GDP Is Measured in _____, and Real GDP Is

question 71

Multiple Choice

Nominal GDP is measured in _____, and real GDP is measured in:

• A) current market outputs; constant outputs.
• B) constant outputs; current market outputs.
• C) constant prices; current market prices.
• D) current market prices; constant prices.

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Definitions:

Heterogeneous

Consisting of elements or components that are different from each other, not uniform in structure or composition.

Normative Transition

Socially expected changes made by all or most members of a defined population.

Maturation

The process of development in which an individual matures or reaches a full or advanced stage of physical and emotional growth.

Birth Cohort

A group of people who were born during the same period of one or several years and who are, therefore, all exposed to particular historical events at approximately the same age.