Question : ______________ refers to production of goods and services valued at current price.
Option 1: Nominal GDP
Option 2: Real GDP
Option 3: GDP deflator
Option 4: Real national income
Answer (1)
27th Jan, 2024
Correct Answer:
Nominal GDP
Solution :
Nominal GDP assesses economic production in an economy but includes the current prices of goods and services in its calculation. GDP is typically measured as the monetary value of goods and services produced.
Hence option A is correct.
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