The Difference Between Non-Adjusted GDP and Real GDP Is

question 70

Multiple Choice

The difference between non-adjusted GDP and real GDP is:

• A) real output growth.
• B) the price level.
• C) nominal output growth.
• D) long-run trend GDP.
• E) average output growth.

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Definitions:

Returns To Scale

The change in output resulting from a proportional change in all inputs in the production process; can be increasing, constant, or decreasing.

Increasing Returns To Scale

See Economies of scale.

Economies Of Scale

Exist when average costs fall as output increases.

Diseconomies Of Scale

Exist when average costs rise with output.