Nominal output is the _________ of goods and services, and real output is the _______ of goods and services .
A) dollar value; actual amount
B) actual amount; dollar value
C) actual amount; dollar value with inflation
D) dollar value with inflation; dollar value

Question

Quizplus · Accepted Answer

Nominal output refers to the dollar value of the final goods and services produced in a given period, without considering inflation. Real output, on the other hand, measures the actual amount of final goods and services produced, adjusted for inflation. Therefore, the best choice is A, where nominal output is the dollar value and real output is the actual amount of goods and services.

Nominal Output Is the _________ of Goods and Services, and Real