Question : Which of the following reflects the growth of an economy?

Option 1: Nominal GDP

Option 2: Real GDP

Option 3: GDP deflator

Option 4: Current price index

Question

Question : ______________ refers to production of goods and services valued at current price.

Option 1: Nominal GDP

Option 2: Real GDP

Option 3: GDP deflator

Option 4: Real national income

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Answer 1

Correct Answer: Real GDP

Solution :

Real GDP is better than national income as it reflects the growth of an economy. It is valued at constant prices.

Hence, Option B is correct

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Question : Which of the following reflects the growth of an economy? Option 1: Nominal GDP Option 2: Real GDP Option 3: GDP deflator Option 4: Current price index

Related Questions

Question : ______________ refers to production of goods and services valued at current price. Option 1: Nominal GDP Option 2: Real GDP Option 3: GDP deflator Option 4: Real national income

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Question : Which of the following reflects the growth of an economy?

Option 1: Nominal GDP

Option 2: Real GDP

Option 3: GDP deflator

Option 4: Current price index

Question : ______________ refers to production of goods and services valued at current price.

Option 1: Nominal GDP

Option 2: Real GDP

Option 3: GDP deflator

Option 4: Real national income

Question : GDP deflator =
Option 1: (nominal GDP × Real GDP) × 100
Option 2: (nominal GDP + Real GDP) × 100
Option 3: (nominal GDP - Real GDP) × 100
Option 4: (nominal GDP / Real GDP) × 100

Question : Which of the following is the Gross Domestic Product (GDP) Deflator?
Option 1: The ratio of nominal to real GDP
Option 2: The ratio of nominal to real GNP
Option 3: The ratio of nominal to real CPI
Option 4: The ratio of real to nominal GNP

Question : The value of GDP at the current prevailing prices is called _______.
Option 1: nominal GDP
Option 2: current GDP
Option 3: domestic GDP
Option 4: Real GDP

Question : The ratio between the nominal and real GDP is called ____.
Option 1: Net national income
Option 2: Value added GDP
Option 3: Green GDP
Option 4: GDP deflator