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Consider the following statements: Real GDP measures an economys total goods and services in a given year, taking into account changes in price levels. Real
Consider the following statements:
- Real GDP measures an economy’s total goods and services in a given year, taking into
account changes in price levels.
- Real GDP can never be more than the nominal GDP.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
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Exploring Economics
Authors: Robert L Sexton
5th Edition
978-1439040249, 1439040249
