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Which of the following "adjustments" to nominal GDP would be important in determining whether average living standards had actually changed from year to year?
1.All of the adjustments listed would be important.
2.Adjustments for changes in the price level
3.Adjustments for population changes.
4.Adjustments for changes in the distribution of income.
5.Adjustments for changes in the amount of leisure time.
1.All of the adjustments listed would be important.
2.Adjustments for changes in the price level
3.Adjustments for population changes.
4.Adjustments for changes in the distribution of income.
5.Adjustments for changes in the amount of leisure time.