Nominal GDP Question 18 options: has been adjusted for changes in the general pr

Question

Nominal GDP

Question 18 options:

has been adjusted for changes in the general price level.

measures the real level of output in the economy.

measures national output on the basis of the current year's prices.

tends to rise by a smaller amount than real GDP when the general price level increases.

has been adjusted for changes in the general price level.

measures the real level of output in the economy.

measures national output on the basis of the current year's prices.

tends to rise by a smaller amount than real GDP when the general price level increases.

Explanation / Answer

Solution:- The correct answer is option (A).

Nominal GDP has been adjusted for changes in the general price level.

Nominal GDP refers to the value of goods and services production without deflating for prices.

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