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Question Practice

Why is it important to differentiate between nominal GDP and GDP deflator?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Economics
Introductory Macroeconomics
National Income Accounting
Question Bank

Why is it important to differe...

Single Answer MCQ
Q-00106750

Why is it important to differentiate between nominal GDP and GDP deflator?

1

Both measure the same economic output.

2

Nominal GDP considers only domestic production.

3

GDP deflator accounts for inflation affecting the price level.

4

Nominal GDP includes government expenditures.

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