Which statement about nominal and real GDP is incorrect?
A) Real GDP per person is a better measure of standard of living than nominal GDP per person.
B) Canadian real GDP includes products and services produced by Canadian-owned businesses, no matter where in the world they are located.
C) Real GDP is measured as a flow.
D) Nominal GDP is measured as a flow.
E) If real GDP is higher this year than last year, this indicates positive economic growth.
Correct Answer:
Verified
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Q12: Real GDP per person is calculated as
A)
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Q14: Nominal GDP in Canada includes
A) illegally purchased
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