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The Figure Below Shows Real and Nominal GDP for a Hypothetical

Question 159

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The figure below shows real and nominal GDP for a hypothetical economy between 1967 and 1978. Assume this economy had the same inflationary experience as the United States did over this period. The figure below shows real and nominal GDP for a hypothetical economy between 1967 and 1978. Assume this economy had the same inflationary experience as the United States did over this period. (A)What year is the base year? (B)Which series is real GDP? (C)Prior to the base year, is real GDP greater than or less than nominal GDP? Why? (A)What year is the base year?
(B)Which series is real GDP?
(C)Prior to the base year, is real GDP greater than or less than nominal GDP? Why?

Correct Answer:

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(A)1972
(B)X is real GDP.
(C)Prior to th...

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