Question
Consider the following statements in regard to the GDP of a country :
Which of the statements given above is/are correct?
- Real GDP is calculated by keeping inflation into consideration.
- Nominal GDP is calculated on the basis of the prices of goods and services produced in the current year.
Which of the statements given above is/are correct?
Answer: Option C
Answer: (c)
Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation).
Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region.
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Answer: (c)
Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation).
Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region.
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