gcc.instructure.com If a Social Security check of $1,000 is mailed to your grand

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gcc.instructure.com If a Social Security check of $1,000 is mailed to your grandma how much has been added to GDP O 1,000 O 12,000 O 1,000 to GNP 1500 D Question 10 0.35 pts The distinction between nominal GDP and real GDP is that: O nominal GDP is calculated by assuming constant product quality while real GDP is not O real GDP is calculated at existing prices, while nominal GDP is adjusted for inflation O nominal GDP is calculated at existing prices, while real GDP is adjusted for inflation. O real GDP is cakculated by assuming constant product quality while nominal GDP is not O no distinction Quiz saved at 12:11am Submit Quiz 20 FS 17 FS F2 FS

Explanation / Answer

A social security cheque would not increase GDP unless it is spent on a service/good (final consumption or investment) - option 5

10. Nominal GDP is calculated at existing prices, while real GDP is adjusted for inflation.

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