The value of output produced in the United States in current prices measures:

Question

Quizplus · Accepted Answer

The value of output produced in the United States in current prices is known as nominal GDP because it reflects the current market prices of goods and services. Real GDP, on the other hand, takes into account inflation and adjusts for it, so it provides a more accurate measure of economic output. Per capita GDP divides the total GDP by the country's population, so it gives a measure of the average economic output per person. GDP growth refers to the percentage change in GDP over time, so it is a measure of the change in economic output, rather than the actual value of that output.

The Value of Output Produced in the United States in Current