In contrast with nominal GDP, real GDP refers to nominal GDP
A) minus exports.
B) minus personal income taxes.
C) corrected for price changes.
D) corrected for depreciation.

Question

Quizplus · Accepted Answer

Real GDP takes into account changes in prices over time by using a price index (such as the Consumer Price Index or the GDP deflator) to adjust nominal GDP for inflation. This allows for a more accurate measure of economic growth, as it reflects changes in the quantity of goods and services produced rather than just changes in their prices.

In Contrast with Nominal GDP, Real GDP Refers to Nominal