Asked by Lauren Knight on May 01, 2024
Verified
If real GDP were to grow faster than GDP there would be ___.
Real GDP
The measure of a country's economic output adjusted for price changes, such as inflation or deflation, giving a more accurate depiction of an economy's size.
GDP
The total value of goods and services produced over a specific period in a country, known as Gross Domestic Product, reflects its economic productivity.
- Comprehend the difference between nominal GDP (GDP) and real GDP.
Verified Answer
KF
Learning Objectives
- Comprehend the difference between nominal GDP (GDP) and real GDP.