Question

Match the definitions to the relevant economic indicators. Gross Domestic Product (GDP) nominal GDP Gross National Product (GNP) real GDP measure of economic output adjusted to inflation or deflation arrowRight measure of economic output before adjusting for inflation arrowRight measure of a country's economic output produced all over the world arrowRight measure of a country's output, income and expenses arrowRight

Answer 1

Step-by-step explanation:

Answer 2

Real GDP - measure of economic output adjusted to inflation or deflation

Nominal GDP - measure of economic output before adjusting for inflation

Gross National Product - right measure of a country's economic output produced all over the world

GDP - Right measure of a country's output, income and expenses

Step-by-step explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports imports

When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.

Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.