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Suppose that the total volume of nominal final sales in the economy grew by 40%, and someone states that the economy grew by 40%.
What is wrong with this statement?
a. We need to know if intermediate goods were removed before we can assess the validity of the 40% increase.
b. We are not given any information about the change in the prices. Thus we don't know what portion of the increase in nominal sales is due to price increases or quantity increases.
c. Adjustments for depreciation need to be included to an accurate picture of economic growth.
Intermediate goods are removed from the final sales figure. Thus, it is an accurate description of the growth of the economy.
d. Nominal sales information includes adjustments for inflation, so the 40% increase can be misleading.
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