Real GDP Is a Better Measure of Economic Development Than

question 27

Multiple Choice

Real GDP is a better measure of economic development than nominal GDP because

• A) nominal GDP includes only tangible goods,while real GDP also includes
• Intangible output such as consulting services
• B) nominal GDP is what could be produced if production were perfectly efficient,whereas real GDP is a measure of what is actually produced
• C) real GDP includes foreign production by US firms,but nominal GDP doesn't
• D) nominal GDP rises with inflation,but real GDP doesn't
• E) nominal GDP double-counts intermediate goods,while real GDP counts
• Only final goods

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Definitions:

Olmec

An early Mesoamerican civilization known for its monumental sculpture, including colossal heads, and significant advancements in trade, agriculture, and hieroglyphic writing.

Ritual Observances

Ceremonies or practices performed in a set, traditional manner, often religious or spiritual in nature, marking significant events or beliefs.

Community Convene

The act of bringing together members of a community for a meeting, event, or social gathering to discuss common interests or issues.

Temple I

Often refers to a specific, noteworthy temple within a larger archaeological or historical context; the designation "I" suggests it may be a primary or significant structure.