Assuming that inflation has occurred over? time, what is the relationship between nominal GDP and real GDP in each of the following? situations?
A. In years after the base? year, nominal GDP _____ real GDP.
B. In the base? year, nominal GDP _____ real GDP.
c. In years prior to the base? year, nominal GDP _____ real GDP.
Answer:
A. is greater than
B. is equal to
C. is less than