Nominal gross domestic product is defined as:
A) the value of all goods and services produced by an economy, within its borders, over a period of time, at base-year prices
B) the value of all goods produced by an economy, within its borders, over a period of time, at current prices
C) the value of all goods and services produced by an economy, within its borders, over a period of time, at current prices
D) the value of all goods and services produced by an economy's citizens, regardless of where they live, over a period of time, at current prices
E) the value of all goods and services produced by an economy's citizens, regardless of where they live, over a period of time, at base-year prices

Question

Quizplus · Accepted Answer

Nominal Gross Domestic Product is the total amount of all goods and services produced by an economy, within its borders, over a certain period of time, at current market prices. It reflects the current economic output of a nation without adjusting for inflation.

Nominal Gross Domestic Product Is Defined As