Real GDP accounts for changes in product quality; nominal GDP does not.
Correct Answer:
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Q156: GDP excludes
A) the market value of unpaid
Q157: All expenditures on new construction are included
Q158: In determining GDP by the expenditures method,
Q159: Exports are subtracted from imports in calculating
Q160: GDP tends to
A) overstate economic welfare because
Q162: The following are examples of final goods
Q163: Which of the following is a primary
Q164: An example of final goods in national
Q165: Welfare payments to low-income families are included
Q166: Gross output (GO) reflects the overall status
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