QUESTION 13 Nominal GDP measures the value of goods and services produced in a g

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QUESTION 13 Nominal GDP measures the value of goods and services produced in a given year valued using °future prices. O base year prices O constant prices Oprices of the same year QUESTION 14 The business cycle describes O the behavior of GNP over time. 0 the behavior of real GDP over time. O the change in potential GDP over time. O the behavior of nominal GDP over time. QUESTION 15 5 poin The business cycle has two phases, expansion and peak. O recession and trough. peak and trough. recession and expansion. QUESTION 16 5 points A recession conventionally is defined as a decrease in real GDP that lasts for at least three months the growth rate of real GOP that lasts for at least sx months potential GDP that lasts for at least sik months real GDP that lasts for at least six months

Explanation / Answer

13.option D.

Nominal GDP measures the value of all finished goods and services produced in a country using current market prices.

14.option b.

A business cycle is also called as Economic cycle.

It shows the downward and upward movement of real GDP over time.

15.option A.

The two main phases of a business cycle is in which real GDP rises called the Recession and the period in which real GDP is falling is peak.

16.option d.

A Recession is defined as decline in real GDP that lasts for at least 6months .

It is a decline in Economic activity lasting at least 6months.

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