Which of the Following Statements About GDP Is Correct

question 2

Multiple Choice

Which of the following statements about GDP is correct?

• A) Nominal GDP values production at current prices,whereas real GDP values production at constant prices.
• B) Nominal GDP values production at constant prices,whereas real GDP values production at current prices.
• C) Nominal GDP values production at market prices,whereas real GDP values production at the cost of the resources used in the production process.
• D) Nominal GDP consistently underestimates the value of production,whereas real GDP consistently overestimates the value of production.

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Definitions:

Asymmetrical

Describing a shape or distribution that lacks symmetry, meaning its two halves are not mirror images.

Bimodal

A distribution that has two different modes (peaks) which shows two prevailing groups or levels in the data.

Abnormal

Describes a deviation from what is considered to be normal or usual, often used in the context of medical conditions, psychological states, or statistical anomalies.

Symmetrical

Characterizing a shape or distribution that is evenly balanced around a center point or axis, so that the pattern on one side mirrors the pattern on the other.