Which Statement About Nominal and Real GDP Is Incorrect

question 176

Multiple Choice

Which statement about nominal and real GDP is incorrect?

• A) Real GDP per person is a better measure of standard of living than nominal GDP per person.
• B) Real GDP includes products and services produced within a country's borders, no matter what the nationality of the business doing the producing.
• C) Nominal GDP per person is measured as a flow.
• D) If real GDP is higher this year than last year, the standard of living must have risen.
• E) If real GDP is higher this year than last year, there is economic growth.

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Definitions:

Reckless Behavior

Actions taken without consideration for the potential harm or consequences to oneself or others, often impulsive and risky.

Adolescents

Young people in the transitional stage of development from childhood to adulthood, typically ranging from age 13 to 19.

Risky Behavior

Actions or activities that involve a significant chance of causing physical or psychological harm.

Risky Behavior

Actions that expose individuals to harm or significant risk of negative outcomes.