GDP that has been adjusted for changes in the price level is called:
A)nominal GDP.
B)real GDP.
C)personal income.
D)net GDP.

Question

GDP that has been adjusted for changes in the price level is called:
A)​nominal GDP.
B)​real GDP.
C)​personal income.
D)​net GDP.

Quizplus · Accepted Answer

Real GDP is gross domestic product that has been adjusted for changes in the price level, providing a more accurate measure of economic output that accounts for inflation. Nominal GDP, on the other hand, is not adjusted for inflation and reflects the current market value of goods and services produced. Personal income and net GDP are not directly relevant to the question of adjusted GDP.

GDP That Has Been Adjusted for Changes in the Price