The gross domestic product (GDP) deflator is a measure of price level.
the growth rate of nominal GDP.
the growth rate of real GDP.
the growth rate of long-run trend GDP.
how much the economy contracts during a recession.
If real gross domestic product (GDP) grew by 2 percent and the inflation rate was 2 percent, then nominal GDP grew by
0 percent.
4 percent.
1 percent.
2 percent.
3 percent.
Real gross domestic product (GDP) increases if
nominal GDP decreases.
current prices increase.
nominal GDP increases.
current prices are constant.
current quantities increase.
The difference between nominal gross domestic product (GDP) and real GDP is
long-run trend GDP.
nominal output growth.
average output growth.
real output growth.
the price level.