How do nominal GDP and real GDP compare as gauges of economic well-being?
A) Nominal GDP is a better gauge of economic well-being than is real GDP.
B) Real GDP is a better gauge of economic well-being than is nominal GDP.
C) Real GDP and nominal GDP are equally good measures of economic well-being.
D) Whether real GDP or nominal GDP is a better measure of economic well-being depends on what sort of goods are produced.
Correct Answer:
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Prices and Quantities
Prices and Quantities
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