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Changes in the GDP deflator reflect only changes in the prices of goods and services.

A) True
B) False

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In 2015,the level of U.S.real GDP was more than four times its 1965 level.

A) True
B) False

Correct Answer

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verified

GDP is adjusted to reflect changes in the quality of the environment such as changes in air and water quality.

A) True
B) False

Correct Answer

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When an American doctor opens a practice in Bermuda,his production there is part of U.S.GDP.

A) True
B) False

Correct Answer

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verified

An increase in nominal U.S.GDP necessarily implies that the United States is producing a larger output of goods and services.

A) True
B) False

Correct Answer

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verified

Periods during which real GDP rises are called recessions.

A) True
B) False

Correct Answer

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verified

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