Which of the following is true of real GDP?

A. It tells us how much output was produced in a country.
B. It tells us whether more output was produced in one year relative to another.
C. It tells us whether prices rose in a country.
D. It tells us whether wages rose higher than prices.

Real GDP is a measure of the total value of all final goods and services produced in a country during a specific period, adjusted to eliminate the effects of changes in prices. It helps determine whether an economy is growing or shrinking. Real GDP does not directly tell us whether prices rose in a country or whether wages rose higher than prices.

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Which of the following is true of real GDP?A. It tells us how much output was produced in a country.B. It tells us whether more output was produced in one year relative to another.C. It tells us whether prices rose in a country.D. It tells us whether wages rose higher than prices.

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Other Questions

Which of the following is true of real GDP?

A. It tells us how much output was produced in a country.
B. It tells us whether more output was produced in one year relative to another.
C. It tells us whether prices rose in a country.
D. It tells us whether wages rose higher than prices.