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CUET Economics 2023 PYQs29 May Shift 2. Free, no login required.

Macro

past year questions, CUET Economics 2023 29 May Shift 2

National Income

past year questions, Macro, CUET Economics 2023 29 May Shift 2

Easy

Real GDP is calculated in a way such that goods and services are evaluated at some constant set of prices. Since these prices remain fixed, if the Real GDP changes we can be sure that it is the volume of production which is undergoing changes. Nominal GDP, on the other hand, is simply the value of GDP at the current prevailing prices.

Which G.D.P. is the indicator of growth and development of a country?

Solution

✅ Correct Option: 3

Real GDP removes the effect of price changes and reflects the true volume of production. Hence it is considered the better indicator of economic growth and development of a country than Nominal GDP.

More from this set:

Question 46

When value of final goods and services are estimate at current price it is?

Question 47

Real G.D.P. increases only when.

Question 48

Keeping output constant nominal GDP increases because.

Question 50

If output in an economy is decreasing but G.D.P. of country is increasing which G.D.P. it is:

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