The measure of GDP that has been adjusted for changes in prices is called:
A) annual GDP
B) nominal GDP
C) real GDP.
D) aggregate GDP

Question

Quizplus · Accepted Answer

Real GDP is adjusted for changes in prices using a price index, such as the consumer price index (CPI) or the gross domestic product deflator (GDP deflator). Nominal GDP, on the other hand, is not adjusted for changes in prices and reflects the current dollar value of all final goods and services produced in an economy. Annual GDP and aggregate GDP are not standard economic terms.

The Measure of GDP That Has Been Adjusted for Changes