An economist observes that a country's total market value of all final goods and services produced within its borders increased by 3% in one year. During the same period, the overall price level for these goods and services increased by 5%. What can be concluded about the country's actual output of goods and services?

Evaluating Economic Growth Claims

Interpreting Economic Growth Data

If the total market value of all final goods and services produced in a country increases from one year to the next, it definitively means that the country's economy has produced a greater quantity of goods and services.