If the Prices of All Goods and Services Never Changed

question 79

True/False

If the prices of all goods and services never changed, nominal and real GDP would always be the same.

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Definitions:

Direct Labour Used

The total effort, measured in hours or costs, of workers directly involved in the manufacturing process of a product.

Variable Manuf. Overhead

Costs that vary with production volume, such as utilities and materials used in manufacturing.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, valued at standard cost.

Variable Manufacturing Overhead

Indirect manufacturing costs that vary with the production volume, such as utilities for machinery.