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4. Which statement about nominal and real GDP is incorrect ? A) Real GDP per person is a better measure of standard of living than
4. Which statement about nominal and real GDP is incorrect?
A) Real GDP per person is a better measure of standard of living than nominal GDP per person.
B) Nominal GDP includes products and services produced within a country's borders, no matter what the nationality of the business doing the producing.
C) Real GDP is measured as a stock.
D) Nominal GDP is measured as a flow.
E) If real GDP is higher this year than last year, this indicates positive economic growth.
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