The ____ includes all the goods and services produced in the economy during a specific time where value of the goods and services is not adjusted for inflation.
A) real GDP
B) nominal GDP
C) real GNP
D) nominal GNP

Question

Quizplus · Accepted Answer

Nominal GDP is the measure of a country's economic output without adjusting for inflation. It includes all the goods and services produced in the economy during a specific time period, and the value of these goods and services is calculated at current market prices. This makes it different from real GDP, which adjusts for inflation by calculating the value of goods and services in a base year's prices. Real GNP and nominal GNP are not relevant to this question as they refer to Gross National Product rather than Gross Domestic Product.

The ____ Includes All the Goods and Services Produced in the Economy