Nominal GDP measures:
A)the dollar value of the economy's output of goods and services
B)the total quantity of goods and services produced
C)the total income received from producing goods and services in constant dollars
D)all of the above

Question

Quizplus · Accepted Answer

Nominal GDP measures the dollar value of an economy's output of goods and services, without adjusting for inflation or changes in the price level. Therefore, option A is the correct answer. Option B refers to the measurement of real GDP, which accounts for inflation, while option C is not entirely accurate as GDP reflects the value of output, not income received.

Nominal GDP Measures