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Nominal vs Real

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U.S. Economy

Which option correctly connects Nominal vs Real with New York State?

  • A seasonally adjusted annual rate scales a quarter’s pace to an annual rate rather than reporting literal one-quarter production.
  • State GDP rankings should compare the same year, same metric, and same data release.
  • GDP per resident is not equivalent to average wages, household income, or personal income.
  • Current-dollar GDP can rise because of higher prices as well as higher production, while real GDP adjusts for price changes.
Correct answer(s):
  • Current-dollar GDP can rise because of higher prices as well as higher production, while real GDP adjusts for price changes.
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