ECONOMICS
REAL VS NOMINAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Real GDP evaluates ____ production at ____ prices.
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current; past
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past; current
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past; past
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current; current
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Explanation:
Detailed explanation-1: -Real GDP is GDP evaluated at the market prices of some base year. For example, if 1990 were chosen as the base year, then real GDP for 1995 is calculated by taking the quantities of all goods and services purchased in 1995 and multiplying them by their 1990 prices.
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