Multiple Choice
Assume that in 2012 the nominal GDP was $350 billion and in 2013 it was $375 billion.On the basis of this information we:
A) cannot make a meaningful comparison of the economy's performance in 2013 relative to 2012.
B) can conclude that the economy was achieving real economic growth.
C) can conclude that real GDP was higher in 2012 than in 2013.
D) can conclude that real GDP was lower in 2012 than in 2013.
Correct Answer:
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