Question : The value of GDP at the current prevailing prices is called _______.
Option 1: nominal GDP
Option 2: current GDP
Option 3: domestic GDP
Option 4: Real GDP
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Correct Answer: nominal GDP
Solution : The correct answer is Nominal GDP .
"Nominal GDP is the gross domestic product (GDP) at the most recent prices." It is determined by current market pricing, with no regard for the effects of inflation or deflation. It displays how much money was spent on the commodities, and services produced by a country within a fiscal year. In contrast to real GDP, which measures the rate at which prices rise in an economy, nominal GDP ignores price fluctuations caused by inflation.
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