Nominal GDP in the United States grew by 6.37% from 1998 to 1999.This represents an increase in production and living standards in the U.S.from 1998 to 1999.

Question

Quizplus · Accepted Answer

Nominal GDP growth does not necessarily represent an increase in production and living standards, as it does not account for inflation or population growth. Real GDP growth is a better indicator of changes in production and living standards.

Nominal GDP in the United States Grew by 6