Question

A. Real GDP controlls for: A. changes in preferences. B. changes in population. C. changes in...

A. Real GDP controlls for:

A.

changes in preferences.
B.

changes in population.
C.

changes in prices
D.

A & C only
E.

A,B & C

B. Real GDP can increase by:

Greater production

Price Increases

Both A & B

Neither A & B
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Homework Answers

Answer #1

A.  Real GDP controlls for:

Real GDP is an adjustment for inflation which shows value of goods and services produced in a year.GDP measures the value of goods and services produced in a year,adjusted for inflation.

Hence answer is C. Changes in prices

B. Real GDP can increase by:

Real GDP can be increased by increase in aggregrate demand for aggregrate supply.Real GDP can be increased by increase in consumer spending,increase in investment,increase in government spending,increase in exports or decrease in imports.

Hence answer is Neither A & B

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