Real GDP measures the _______ of production and nominal GDP measures the _______ of production.
A) current-dollar value;physical volume
B) current-dollar value;current-dollar value
C) current-dollar value;market value
D) constant-dollar value;current-dollar value
E) physical volume;physical volume

Question

Quizplus · Accepted Answer

Real GDP measures the constant-dollar value of production, adjusting for inflation, while nominal GDP measures the current-dollar value of production without adjusting for inflation.

Real GDP Measures the _______ of Production and Nominal GDP