Answer: b. market or money value of all final goods and services produced by the economy in a given year, whereas real GOP is adjusted for inflation
Explanation:
Nominal GDP for a given year refers to the final value of all goods and services in the country using the current year prices.
Real GDP however, makes it easier to compare the nominal GDP to past GDPs because it removes the effects of inflation by using prices from a base year to calculate GDP. This way it can be seen if the economy actually grew.
Answer:
b. Materials 190,000 Accounts Payable 190,000
Explanation:
Materials may either be purchased on credit or by cash, When materials are purchased on credit, such materials are said to have been purchased on accounts.
The entries for cash purchases are ;
Debit Supplies/Inventory account
Credit Cash account
However, when the purchase is done on account, the credit entry goes to the accounts payable and not cash.
The change that would encourage GDP growth to slow is the automobile industry reduces hours for factory workers.
<h3>What would cause GDP growth to slow?</h3>
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
If the hours of work for factory workers is reduced, output would be reduced and this would slow GDP growth.
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