If current prices are used to calculate the value of total output produced by a country during a specific period of time, the result is called:
A)real GDP.
B)nominal GDP.
C)full employment GDP.
D)constant dollar GDP.

Question

Quizplus · Accepted Answer

Nominal GDP is calculated using the current prices of goods and services produced in a country over a given time period. It does not take into account inflation or changes in the overall price level, unlike real GDP.

If Current Prices Are Used to Calculate the Value of Total