Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012.

-Real GDP is GDP measured in:
A) current prices.
B) base year prices.
C) average prices.
D) marginal prices.
E) nominal prices.

Question

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012.
 
-Real GDP is GDP measured in:
A) current prices. 
B) base year prices. 
C) average prices. 
D) marginal prices. 
E) nominal prices.

Quizplus · Accepted Answer

Real GDP is GDP measured in base year prices, which is adjusted for inflation.

Consider the Following Data That Gives the Quantity Produced and Unit