Potential GDP is equal to total production when all employment in the economy is being used to the maximum and there is no unemployment rate. False True 2.Nominal GDP is the real GDP divided by the population in a given fiscal or calendar year. False True 3. If the production of a foreign company is generated within the United States, this production is accounted for in the United States GNP. True

Potential GDP is equal to total production when all employment in the economy is being used to the maximum and there is no unemployment rate. False True 2.Nominal GDP is the real GDP divided by the population in a given fiscal or calendar year. False True 3. If the production of a foreign company is generated within the United States, this production is accounted for in the United States GNP. True

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 4WNG

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