Which of the Following Statements About Nominal GDP and Real

question 14

Multiple Choice

Which of the following statements about nominal GDP and real GDP is correct?

• A)Nominal GDP is a better gauge of economic well-being than real GDP.
• B)Real GDP is a better gauge of economic well-being than nominal GDP.
• C)Real GDP and nominal GDP are equally good measures of economic well-being.
• D)Neither nominal nor real GDP provide a measure of economic well-being.

---

Definitions:

Virginia and Kentucky Resolutions

In 1798 and 1799, the legislatures of Kentucky and Virginia crafted political declarations asserting that the federal Alien and Sedition Acts violated the Constitution.

Alien and Sedition Acts

A series of laws passed in 1798 that allowed the U.S. government to deport foreigners and jail critics of the government.

Louisiana Territory

A vast region of North America acquired by the United States from France in 1803, doubling the size of the country.

Port of New Orleans

A key maritime port in Louisiana, USA, known for its significant role in trade and transportation along the Mississippi River.