ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Real GDP is:
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GDP adjusted for changes in output.
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Nominal GDP adjusted for inflation.
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GDP adjusted for standard of living.
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Nominal GDP adjusted for population.
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Explanation:
Detailed explanation-1: -Nominal GDP is the total value of all goods and services produced in a given time period, usually quarterly or annually. Real GDP is nominal GDP adjusted for inflation. Real GDP is used to measure the actual growth of production without any distorting effects from inflation.
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