Choose all the correct options

Question

If you were asked to study the economy over the past five years

Accepted Answer

the real GDP series accounts for imports, making it more precise than the nominal GDP series.

Answer

the nominal GDP series reflects changes in both output and prices, whereas the real GDP series, roughly speaking, merely reflects changes in output.

Answer

the nominal GDP series fails to account for transfer payments, whereas the real GDP series includes these payments.

Answer

exports are excluded from the real GDP series, making it less complicated than the nominal GDP series.

If you were asked to study the economy over the past five years, you would use the real GDP series rather