Question

If economists calculate the gdp for 2009, using current prices of year 2009, what are they estimating?

Answer 1

nominal GDP

Step-by-step explanation:

Gross domestic product expressed in current prices is called nominal GDP.

Answer 2

They are estimating the Nominal GDP. The Nominal GDP measures the quarterly economic output that occurred in the year. This would analyze production, employment, all the elements in the financial circulation. This is different from the real GDP because here it would include the inflation of prices that occurred. Nominal GDP only reflects on the economical changed within the current year regardless of inflation.