If Nominal GDP Exceeds Real GDP for a Specific Year,then

question 185

Multiple Choice

If nominal GDP exceeds real GDP for a specific year,then the GDP deflator must be

• A)equal to 100.
• B)greater than 100.
• C)less than 100.
• D)less than 0.

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Definitions:

Units of X

A term often used in economics to denote a quantity of a particular good or service being considered.

Data

Information, especially facts or numbers, collected to be examined and considered and used to help decision-making.

Value for Y

This term does not directly correspond to a widely recognized economic concept without additional context. It may be used in specific mathematical or economic models to denote the value of a variable Y.

Marginal Utility

The change in total utility a person receives from consuming one additional unit of a good or service.