We learned that the calculates the LEI, while the calculates GDP. Bureau of Economic Analysis; Conference Board O Conference Board; Bureau of Economic Analysis NBER; Conference Board Bureau of Economic Analysis; NBER

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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We learned that the
calculates the LEI, while the
calculates GDP.
Bureau of Economic Analysis; Conference Board
Conference Board; Bureau of Economic Analysis
O NBER; Conference Board
O Bureau of Economic Analysis; NBER
Transcribed Image Text:We learned that the calculates the LEI, while the calculates GDP. Bureau of Economic Analysis; Conference Board Conference Board; Bureau of Economic Analysis O NBER; Conference Board O Bureau of Economic Analysis; NBER
When comparing real and nominal GDP for a certain year, we notice that
nominal GDP is greater than real GDP. From this statement, we can
conclude that:
this year occurred before the base year.
O actual prices for this year were lower than the base year's prices.
O this must be the base year.
O prices were deflated to obtain real GDP for this year.
Transcribed Image Text:When comparing real and nominal GDP for a certain year, we notice that nominal GDP is greater than real GDP. From this statement, we can conclude that: this year occurred before the base year. O actual prices for this year were lower than the base year's prices. O this must be the base year. O prices were deflated to obtain real GDP for this year.
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