If real GDP for the base year is $3 trillion,then nominal GDP for that year is
A)$.03 trillion
B)$0.3 trillion
C)$3 trillion
D)$30 trillion
E)$300 trillion

Question

Quizplus · Accepted Answer

Nominal GDP is the value of all goods and services produced in an economy in a given year, measured at current market prices. Since the base year is used as a reference point, the nominal GDP for that year will be equal to the real GDP, which in this case is $3 trillion. Therefore, the correct answer is C.

If Real GDP for the Base Year Is $3 Trillion,then