ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Real GDP
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Current GDP
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Nominal GDP
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Total GDP
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Detailed explanation-1: -What Is Nominal Gross Domestic Product (GDP)? The term nominal gross domestic product (GDP) refers to the GDP evaluated at current market prices. Put simply, nominal GDP is the total value of all goods and services produced in a given time period less the value of those made during the production process.
Detailed explanation-2: -Nominal gross domestic product (GDP) is GDP given in current prices, without adjustment for inflation. Current price estimates of GDP are obtained by expressing values of all goods and services produced in the current reporting period.
Detailed explanation-3: -Nominal gross domestic product (GDP) is the value of all the final goods and services at current market prices. In other words, it is the GDP calculated at the current market prices. It takes into account factors such as inflation, price changes, changing interest rates, and money supply at the time of determining GDP.