This midterm exam consists of four questions. Please answer them using APA format. Two to three pages should be sufficient for each question.
September 4, 2020
Pic Inc. produces plastic toothpicks that it sells to distributors in the Southwest.
September 4, 2020

In the base year:

nominal GDP is always larger than real GDP because prices are held constant.

real GDP is always larger than nominal GDP because prices are held constant.

nominal and real GDP are equal by definition.

real GDP will only be larger than nominal GDP if prices increased in the base year

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