Asked by
Maame Aqoxua
on Nov 30, 2024
Verified
Suppose that GDP rose from $8 trillion to $9 trillion,while the GDP deflator increased from 100 to 120.Real GDP
A) rose.
B) fell.
C) remained constant.
D) cannot be calculated from these figures.
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced by an economy in a specific period accounting for changes in price level.
- Differentiate between nominal GDP and real GDP, including the modifications made to account for inflation.
Verified Answer
SL
Learning Objectives
- Differentiate between nominal GDP and real GDP, including the modifications made to account for inflation.