Nominal GDP measures the ________ of production.
A) change in the volume
B) physical volume
C) current-dollar value
D) base-year value
E) change in the market value

Question

Quizplus · Accepted Answer

Nominal GDP measures the current-dollar value of all final goods and services produced in an economy over a given period of time. It does not take into account the effects of inflation, so it does not reflect changes in the physical volume of production. It is also not measured in base-year values, which are used in calculating real GDP.

Nominal GDP Measures the ________ of Production