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:

Physical Health

The condition of a person's body, including its functionality, absence of disease, and overall condition of physical well-being.

Mental Health

A state of well-being in which an individual realizes their own abilities, can cope with the normal stresses of life, can work productively, and is able to make a contribution to their community.

Coping Abilities

The range of skills, strategies, and behaviors that individuals use to manage and mitigate stress and adversity.

Traumatic

Refers to an experience or event that causes severe psychological distress or injury.