If nominal Gross Domestic Product (GDP) in 2001 was $1 trillion, nominal Gross Domestic Product (GDP) in 2013 was $2 trillion, and the 2001 and 2013 price indexes were 100 and 250 respectively,
A) real Gross Domestic Product (GDP) increased between 2001 and 2013.
B) real Gross Domestic Product (GDP) decreased between 2001 and 2013.
C) real Gross Domestic Product (GDP) remained constant.
D) we cannot draw any conclusions about changes in real Gross Domestic Product (GDP) .
Correct Answer:
Verified
Q344: The difference between nominal and real values
Q349: Suppose 2009 is the base year. From
Q349: Which of the following statements does NOT
Q351: Nominal income per person in the United
Q356: Adjusting nominal Gross Domestic Product (GDP) for
Q357: If nominal Gross Domestic Product (GDP) in
Q358: Explain how disposable personal income is derived
Q365: To determine how well an economy is
Q368: If deflation is occurring and nominal Gross
Q373: Nominal values are
A) measured in terms of
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