Asked by
Teresa Taylor
on Nov 16, 2024
Verified
An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services.
Nominal U.S. GDP
The gross domestic product of the United States measured in current dollars, without adjusting for inflation.
- Contrast nominal and real Gross Domestic Product, and grasp the importance of each.
- Distinguish between real GDP as a metric for economic well-being and nominal GDP.
Verified Answer
CC
Learning Objectives
- Contrast nominal and real Gross Domestic Product, and grasp the importance of each.
- Distinguish between real GDP as a metric for economic well-being and nominal GDP.