Choose the correct statement.
A) Nominal GDP is just a more precise name for GDP.
B) Nominal GDP is just a more precise name for real GDP.
C) When nominal GDP increases, real GDP decreases.
D) Nominal GDP and real GDP both increase when the average level of prices increases.
E) We measure the change in production by comparing nominal GDP in one year with real GDP in the previous year.
Correct Answer:
Verified
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