Economics · National Income
Identify the correct statements regarding Nominal GDP and Real GDP: Statement A: Nominal GDP is the value of goods and services produced within the country measured at current year prices. Statement B: Real GDP can increase even if there is no change in the physical quantity of goods produced, provided the prices have risen. Statement C: The GDP Deflator is the ratio of Nominal GDP to Real GDP and is used to measure the general price level of all goods and services produced in the economy. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statements A and B are correct
- 2Statements B and C are correct
- 3Statements A and C are correct✓
- 4All statements are correct
Correct answer
Statements A and C are correct
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