Question

Real GDP measures the ______ of production; nominal GDP measures the ______ of production. current dollar value; physical volume current dollar value; current dollar value current dollar value; market value physical volume; current dollar value

Answer 1

Physical volume; current dollar value

Step-by-step explanation:

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

Real GDP is GDP adjusted for inflation. It calculates physical volume. It is calculated using base year prices.

Nominal GDP is GDP calculated using current year prices.

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