A measure of GDP in which the quantities produced are valued at current-year prices is called
A) real GDP.
B) nominal GDP.
C) base GDP.
D) physical GDP.
E) production GDP.

Question

Quizplus · Accepted Answer

Nominal GDP is calculated by measuring the current market value of all final goods and services produced in an economy during a given period of time. It does not take into account changes in prices over time and is therefore not adjusted for inflation.

A Measure of GDP in Which the Quantities Produced Are