-Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. Between 2012 and 2013, which grew more rapidly: Nominal GDP or real GDP?
A) nominal GDP grew more rapidly
B) real GDP grew more rapidly
C) both grew at the same rate
D) Because real GDP and nominal GDP use different prices, it is not possible to determine which grew most rapidly.
E) More information is needed to determine which grew more rapidly.
Correct Answer:
Verified
Q201: Q218: Depreciation is Q219: The nation's supply of productive resources increases Q220: Real GDP measures the value of goods Q221: If both the production of goods and Q225: "The amount of new stocks and bonds Q239: If a wealthy woman marries her butler,quits Q283: Define and distinguish between final goods and Q305: Investment, as included in GDP, consists of Q316: Explain how GDP is measured according to
A)fall in the value of an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents