Nominal GDP is gross domestic product measured
A) in the prices of a base year.
B) in current dollars.
C) at a constant output level but at the base-year prices.
D) as the difference between the current year's GDP and last year's GDP.

Question

Quizplus · Accepted Answer

Nominal GDP is measured in current dollars, which means it reflects the current prices of goods and services in the economy. This is in contrast to real GDP, which adjusts for inflation by measuring production using the prices of a base year.

Nominal GDP Is Gross Domestic Product Measured