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20 July, 05:13

Nominal gdp is calculated using unchanging prices.

a. True

b. False

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Answers (1)
  1. 20 July, 07:13
    0
    The answer is b. False.

    Nominal GDP is the value of goods and services produced in the economy when price changes are taken into account. It is thus not a measure of the absolute quantity of goods and services, but also of both the quantity and the price level. This is in contrast with real GDP, which denominates the value of goods and services after accounting for inflation.
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