Question

Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A measure of an economy's output using current prices. nominal GDP real GDP A measure of an economy's output using constant prices. real GDP nominal GDP A measure of output that is adjusted for inflation. nominal GDP real GDP A measure of output that is not adjusted for inflation. nominal GDP real GDP

Answer 1

1. Nominal GDP

2. Real GDP

3. Real Gdp

4. Nominal GDP

Step-by-step explanation:

The description is as follows:

The Nominal GDP is a GDP that could be determined at the present market prices. It is the finished goods and services value generated in the country

While on the other hand the real gdp is the gdp that determines the economic output value adjusted for the change in the price

So based on the above description, the following should be the categorization

1. Nominal GDP

2. Real GDP

3. Real Gdp

4. Nominal GDP