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

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

Changes in nominal GDP:Question 18Select one:a.are due to changes in price only while changes in real GDP are attributed to movements in output and price.b.are due to changes in output and price while changes in real GDP are attributed to movements in output only.c.are due to changes in output and price while changes in real GDP are attributed to movements in price only.d.and changes in real GDP are due to changes in output and price.

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

Do you agree or disagree with the following statement: ​'If a recession is so severe that the price level​ declines, then we know that both real GDP and nominal GDP must​ decline.' a. Agree. If both output and prices are​ falling, then both real GDP and nominal GDP will fall. b. Agree. If prices​ fall, real GDP and nominal GDP will both fall if output increases. c. Disagree. Real GDP falls if output falls. Nominal GDP can increase if output falls and prices rise. d. Disagree. Real GDP falls if output falls. Nominal GDP can increase if output falls and prices fall.

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.