Question : GDP calculated at some constant set of prices is called ____________.
Option 1: real GDP
Option 2: domestic GDP
Option 3: current GDP
Option 4: nominal GDP
Correct Answer: real GDP
Solution : The correct option is real GDP .
GDP calculated at some constant set of prices is called "real GDP". Real GDP adjusts for inflation or deflation, providing a more accurate measure of an economy's actual growth by expressing the value of goods and services in constant, base-year prices, allowing for meaningful comparisons across different periods.
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