Asked by
Geovany Rodela-Pavon
on Oct 13, 2024Verified
If our output of goods and services rises,then
A) real GDP definitely rose.
B) real GDP definitely fell.
C) GDP definitely rose.
D) GDP definitely stayed the same.
Goods and Services
The outputs produced by the economy, where goods are tangible objects and services are intangible offerings that satisfy consumer needs or wants.
Real GDP
The measure of a country's economic output adjusted for price changes (inflation or deflation), reflecting the true value of goods and services produced over a specific period.
GDP
Gross Domestic Product, the total monetary value of all goods and services produced within a country's borders in a specific time period, used as a broad measure of economic activity.
- Acknowledge the impact of GDP and real GDP adjustments on the economic landscape.
Verified Answer
CR
Learning Objectives
- Acknowledge the impact of GDP and real GDP adjustments on the economic landscape.