Question Details

Nominal GDP is the value of final goods and services



1) Two reasons why valuing goods at their market prices is different than valuing them at their
factor costs include
A) depreciation and investment.
B) exports and imports.
C) personal taxes and corporate taxes.
D) indirect taxes and subsidies.
2) Nominal GDP is
A) real GDP adjusted for price changes.
B) GDP valued at prices of that year.
C) GDP valued at constant prices.
D) real GDP valued at base year prices.
3) Nominal GDP is the value of final goods and services
A) at the prices of that year.
B) at the prices of the immediately previous year.
C) at the prices of a base year.
D) produced in foreign countries but consumed in the domestic country.
4) Normally in the United States the relationship between nominal and real GDP for a given year
is
A) real GDP is greater than nominal GDP because of price increases.
B) nominal GDP is greater than real GDP because of price increases.
C) nominal GDP equals real GDP.
D) nominal GDP is greater than real GDP because of price decreases.



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