Which of the Following Statements About Nominal GDP and Real

question 1

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 is real GDP.
• B) Real GDP is a better gauge of economic well-being than is nominal GDP.
• C) Real GDP and nominal GDP are equally good measures of economic well-being.
• D) Nominal GDP reflects the economy's ability to satisfy people's needs and desires,but Real GDP does not.

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Definitions:

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