Nominal GDP is defined as the:
A) Value of output in current dollars.
B) Dollar value of services but not goods.
C) Output produced by domestically owned factors of production regardless of where the factors are located.
D) Value of output in constant prices.

Question

Quizplus · Accepted Answer

Nominal GDP measures the dollar value of all goods and services produced in a given year, using current prices. It does not take into account inflation or changes in prices over time.

Nominal GDP Is Defined as The