Question

Which of the following statements is false? a) Nominal GDP in the United States was approximately...

Which of the following statements is false?

a)

 Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950.

b)

 Real GDP in the United States was approximately seven times greater in 2012 than in 1950.

c)

 Real GDP is GDP adjusted for price changes.

d)

 The U.S. population was approximately twice as large in 2012 than in 1950.
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Answer #1

Ans. Option a

Nominal GDP in 1950 was $0.30 trillion while in 2012 was $16.197 trillion. So, it was not seven times in 2012 than in 1950. But in 1950 real GDP was $2.290 trillion while in 2012 it was $16.197 trillion, so, it was seven times in 2012 than in 1950.
Real GDP is nominal GDP adjusted for price.
In 1950, population was about 150 million and in 2012 it approximately doubled to 300 million.

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