In the Base Year, Real GDP ________ Nominal GDP

question 40

Multiple Choice

In the base year, real GDP ________ nominal GDP.

• A)is greater than
• B)is less than
• C)is equal to
• D)could be greater than or less than

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Definitions:

Total Value

The aggregate worth of a good, service, product, or other item as perceived by its users.

Economic Income

An individual's total earnings, including wages, salaries, investments, and other sources, assessed for economic analysis.

Capital Gains

The profit earned from the sale of an asset or investment which has increased in value over the holding period.

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction.