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Which of the following is correct? O Future year prices are used in measuring the value of the goods and services for this years Nominal GDP. O Base year prices are used in measuring the value of the goods and services for this years Real GDP. FENE 89 24 8

Which of the following is correct? O Future year prices are used in measuring the value of the goods and services for this years Nominal GDP. O Base year prices are used in measuring the value of the goods and services for this years Real GDP. FENE 89 24 8

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 1P
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Both are questions please help

Which of the following is correct? O Future year prices are used in measuring the value of the goods and services for this years Nominal GDP. O Base year prices are used in measuring the value of the goods and services for this years Real GDP. O Current year prices are used in measuring the value of the goods and services for this years Real GDP. Price are not a good method to masure value and, therefore, are not used in the calculation of Nominal GDP.
Transcribed Image Text:Which of the following is correct? O Future year prices are used in measuring the value of the goods and services for this years Nominal GDP. O Base year prices are used in measuring the value of the goods and services for this years Real GDP. O Current year prices are used in measuring the value of the goods and services for this years Real GDP. Price are not a good method to masure value and, therefore, are not used in the calculation of Nominal GDP.
Which of the following is included in 2016's GDP? O the value of a motorcycle produced in the United States in 2015 and exported to Japan the value of a steel produced in 2016 that purchased by lawnmower manufacturer to produce more lawnmowers O the commission earned by a headhunter in 2016 when she locates a job for a client the profit earned in 2016 from selling a stock
Transcribed Image Text:Which of the following is included in 2016's GDP? O the value of a motorcycle produced in the United States in 2015 and exported to Japan the value of a steel produced in 2016 that purchased by lawnmower manufacturer to produce more lawnmowers O the commission earned by a headhunter in 2016 when she locates a job for a client the profit earned in 2016 from selling a stock
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