The difference between real and nominal GDP is that _____________.a.nominal GDP only accounts for citizens.b.nominal GDP uses price-levels of some base yearc.nominal GDP uses actual price-levelsd.real GDP also includes services, whereas nominal GDP only takes goods into account

Nominal GDP ismultiple choiceadjusted for inflation, whereas real GDP is market or money value of all final goods and services produced by the economy in a given year.the market or money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation.the sum of intermediate and final goods and services, whereas real GDP is only the sum of final goods and services.determined in the market, whereas real GDP is computed by a government agency.

Which of following statements about Nominal and Real GDP are correct?i. If a country’s Nominal GDP increases, this country may produce more, less or even the same amount of goods and services.ii. Nominal GDP is always larger than Real GDP. iii. Nominal GDP is a widely used measure for a country’s economic performance using current prices, due to its convenience of calculation and interpretation.iv. Real GDP controls for changes in preferences and prices.Question 4Answera.i, iiib.i, ii, iiic.i, ii, iii, ivd.iii

Nominal GDP is:  A. GDP adjusted for inflation  B. GDP measured in current prices  C. GDP adjusted for population size  D. GDP measured in constant dollars

If the price level increases, but the level of output remains the same from one year to the next,:Multiple choice question.real GDP will increase, but nominal GDP will remain the same.both nominal and real GDP will remain the same.nominal GDP will increase, but real GDP will remain the same.both nominal and real GDP will increase.

Difference between personal and national income ?Difference between real and nominal GDP ?Quantity theory of money ?