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7 August, 00:08

Real GDP is

A. a measure of output that was replaced by nominal GDP some time ago.

B. equal to the value of nominal GDP in every year except for the base year.

C. the value of goods and services evaluated at base year prices.

D. the value of goods and services evaluated at current year prices.

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Answers (1)
  1. 7 August, 00:13
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    C. the value of goods and services evaluated at base year prices.

    Explanation:

    Real gross domestic product -

    It is the value of all the services and goods that are produced in an economy in an year, adjusted for the inflation which may have occurred over the time. It is calculated using the prices of base year.

    The value of services and goods evaluated at the base year prices - Real GDP

    The value of services and goods evaluated at current year prices - Nominal GDP.

    Hence, the correct option is (c).
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Home » Business » Real GDP is A. a measure of output that was replaced by nominal GDP some time ago. B. equal to the value of nominal GDP in every year except for the base year. C. the value of goods and services evaluated at base year prices. D.
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