Asked by
Savannah Guyton
on Oct 13, 2024Verified
If GDP rose and the GDP deflator fell,
A) real GDP definitely rose.
B) real GDP may have risen.
C) GDP probably stayed about the same.
D) GDP may have fallen.
E) GDP definitely fell.
GDP Deflator
A benchmark for the cost levels of all newly produced, national, final goods and services within an economy.
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of all final goods and services produced within a country in a year in constant prices.
GDP
Gross Domestic Product, the total market value of all final goods and services produced within a country in a given period, used as a broad measure of its economic performance.
- Understand the basic concept and calculation of Gross Domestic Product (GDP) and Real GDP.
- Understand the significance of the GDP deflator and its role in distinguishing between nominal and real GDP.
Verified Answer
NE
Learning Objectives
- Understand the basic concept and calculation of Gross Domestic Product (GDP) and Real GDP.
- Understand the significance of the GDP deflator and its role in distinguishing between nominal and real GDP.