Question

Real GDP is:

-the projected future value of GDP.
-the value of the production of all final goods and services adjusted for price changes.
-the value of the production of all final goods and services measured in current prices.
-calculated by adding up only the real number of all items sold in the United States, regardless of their prices.

Answer 1

Gross Domestic Product (GDP) is the value of all final goods and services produced in a nation in a year. Real GDP is the measure of GDP adjusted for price changes, providing a more accurate comparison of economic output over time. It is calculated by valuing the production of final goods and services in the economy in current prices.

Step-by-step explanation:

Gross Domestic Product (GDP) is the value of all final goods and services produced in a nation in a year. It is a measure of a country's economic output and is expressed in dollar terms. Real GDP refers to GDP adjusted for price changes, allowing for a comparison of output over time by removing the impact of inflation. It is calculated by valuing the production of final goods and services in the economy in current prices.a