The value of output in constant prices is measured by:
A) Nominal GDP.
B) Real GDP.
C) The CPI.
D) GDP per capita.

Name: The value of output in constant prices is measured by: A) Nominal GDP. B) Real GDP. C) The CPI. D) GDP per capita.
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Question

Quizplus · Accepted Answer

Real GDP measures the value of output in constant prices, adjusted for inflation. Nominal GDP is not adjusted for inflation, the CPI is a measure of the cost of living for consumers, and GDP per capita measures output per person but does not take into account inflation.

The Value of Output in Constant Prices Is Measured By