______ Is the Extent to Which a Country Is Capable

question 24

Multiple Choice

______ is the extent to which a country is capable of generating more wealth than its competitors.

• A) Productivity
• B) International trade
• C) Country competitiveness
• D) Country advantage

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Definitions:

Nominal GDP

The gross domestic product measured in current prices without adjusting for inflation.

Real GDP

The calculation of a nation's economic production after accounting for changes in prices, such as inflation or deflation, which shows the actual value of the products and services generated.

Nominal GDP

The gross domestic product measured in current prices, without adjusting for inflation, representing the value of all goods and services produced within a country's borders in a specific time period.

Real GDP

The measure of a nation's gross domestic product adjusted for inflation, showing the value of goods and services produced in real terms.