________ is the total value of final goods and services produced within the borders of a country,using market prices from a specific base year to determine the value of each unit that is produced.
A) Nominal GDP
B) Real GDP
C) GNP
D) Total product

Question

Quizplus · Accepted Answer

Real GDP is the total output of goods and services in an economy that is adjusted for inflation, using a specific base year. This measurement allows for a more accurate comparison of economic output over time. Nominal GDP, on the other hand, does not take inflation into account, while GNP includes the production of a country's residents and companies regardless of their location. "Total product" is not commonly used terminology in economics.

________ Is the Total Value of Final Goods and Services