The nominal value of Gross Domestic Product (GDP) is expressed in
A) inflation-adjusted prices.
B) constant dollars.
C) base-year dollars.
D) none of the above.

Question

Quizplus · Accepted Answer

The nominal value of GDP is not adjusted for inflation and is therefore not expressed in inflation-adjusted prices, constant dollars, or base-year dollars. These terms are associated with real GDP, which is adjusted for inflation to reflect changes in the value of money.

The Nominal Value of Gross Domestic Product (GDP) Is Expressed