The total value of all final goods and services produced in a country during a given period, adjusted to eliminate the effects of changes in prices is called:

Question

Quizplus · Accepted Answer

Real GDP is the best choice as it adjusts for changes in prices, providing a more accurate measure of economic growth over time. Nominal GDP is not adjusted for inflation and therefore can be misleading when comparing across time periods, while current GDP is not a commonly used term in economics. Average GDP is not a recognized economic term and is not a relevant answer.

The Total Value of All Final Goods and Services Produced