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Which of the following have been recognized as difficulties with the goal approach to effectiveness?
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced by an economy in a given year, expressed in base-year prices.
Nominal GDP
GDP based on prices prevailing at the time of production.
Price Level
A measure of the average prices of goods and services in an economy at a specific point in time.
Aggregate Demand Curve
A graphical representation showing the relationship between the overall price level in an economy and the total demand for goods and services at that price level.
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