Each of the following statements includes two terms. In which of the following cases do the two terms NOT mean the same as each other?
Changes in real GDP and the GDP deflator
The question asks which pair of terms does NOT mean the same.
Nominal GDP and GDP at current prices are identical concepts — both measure the value of output using the prices prevailing in the current year. Similarly, Real GDP and GDP at constant prices mean the same thing — both measure output valued at the prices of a chosen base year, removing the effect of inflation. The base period and the reference period are also commonly used interchangeably in index-number and national-income statistics to denote the standard year against which comparisons are made.
However, a change in real GDP and a change in the GDP deflator measure entirely different things. A change in real GDP captures the growth in actual physical output (real economic activity), whereas a change in the GDP deflator measures the change in the general price level of all domestically produced goods and services. One reflects quantity, the other reflects price.
Hence, the pair that does NOT mean the same is "Changes in real GDP and the GDP deflator".
Who is the new Director of Film and Television Institute of India (FTII)?
Taoism, is an ancient tradition of Philosophy and religious belief deeply rooted in
The founder of Bachpan Bachao Andolan (Save Child Movement) is
The first Indian citizen to get commercial Pilot’s Licence was
Which among the following cities in India is not located in Golden Quadrilateral Road Network?
Which among the following is not correctly paired?
What is Dakshin Gangotri?
The Kovada Nuclear Park project is proposed to be setup in which State?
India's first Railway University will come up at
Which one of the following is not a scheme/project of the present Government?
Who is the new Director of Film and Television Institute of India (FTII)?
Taoism, is an ancient tradition of Philosophy and religious belief deeply rooted in
The founder of Bachpan Bachao Andolan (Save Child Movement) is
The first Indian citizen to get commercial Pilot’s Licence was
Which among the following cities in India is not located in Golden Quadrilateral Road Network?