When calculating nominal GDP,the volume of output is measured using:
A) Weight.
B) The number of people employed.
C) The market value adjusted for inflation.
D) The market value.

Question

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of goods and services produced by their current market prices. Therefore, the volume of output is measured using the market value of the goods and services, which is why the correct answer is D) The market value. Options A and B are incorrect as they do not measure the value of the goods and services produced, and option C is referring to real GDP, which is adjusted for price changes through inflation.

When Calculating Nominal GDP,the Volume of Output Is Measured Using