Real GDP is a measure of the quantity of final goods and services produced, and it is obtained by eliminating the influence of price changes from the nominal GDP statistics.

Question

Quizplus · Accepted Answer

This is a correct definition of real GDP. Nominal GDP is the total value of goods and services produced in a country, measured at current prices without any adjustments for inflation. Real GDP, on the other hand, is adjusted for price changes using a price index to provide a more accurate measure of economic output over time.

Real GDP Is a Measure of the Quantity of Final