Nominal GDP is the market or money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation. O adjusted for inflation, whereas real GDP is market or money value of all final goods and services produced by the economy in a given year. O determined in the market, whereas real GDP is computed by a government agency. the sum of intermediate and final goods and services, whereas real GDP is only the sum of final goods and services. In order to compare changes in the standard of living over a series of years, we would use O real GDP because it has been adjusted for changes in the price level. O nominal GDP because it has been adjusted for changes in the price level. O real GDP because it has been adjusted for changes in the demand schedule. O nominal GDP because it has been adjusted for changes in the demand schedule. The GDP price index is a measure of the price of a specified collection of goods and services compared to the average of the prices of a highly similar collection of goods and services for the last ten years. a measure of the price of a specified collection of goods and services compared to the price of a highly similar collection of goods and services in a reference year. computed for each industry sector. O a measure of nominal GDP adjusted for inflation. Which of the following statements is true? O Real GDP is nominal GDP multiplied by the price index. O Real GDP is nominal GDP added to the price index. Real GDP is nominal GDP subtracted from the price index. Real GDP is nominal GDP divided by the price index.Economists include only nal goods in measuring GDP for a particular year because if intermediate goods were counted, then multiple counting would occur. 0 not counted, then multiple counting would occur. 0 counted, then prices would be overstated. 0 not counted, then prices would be overstated. Gross domestic product does not include the value of stocks and bonds sold because these sales and purchases are not economic investment but should be counted as production of final goods and services. 0 consumption but should be counted as production of nal goods and services. 0 consumption and should not be counted as production of final goods and services. 0 investment and should not be counted as production of nal goods and services. When measuring GDP for a particular year, economists exclude the value of used furniture bought and sold because 0 it is not reported anywhere. 0 it is a durable good. 0 it was included in the GDP of the year in which it was produced. 0 the value needs to be averaged over a specied number of years