Nominal GDP of a Particular Year Is Calculated as the Total

question 32

True/False

Nominal GDP of a particular year is calculated as the total value of final goods and services in that year in terms of the base-year prices.

---

Definitions:

IT Applications

Software applications designed for managing information technology tasks such as data management, communication, and analysis.

LANs

Abbreviation for Local Area Networks, computer networks that interconnect computers within a limited area such as a home, school, computer laboratory, or office building.

Productivity

The ratio between the inputs to a process and the outputs from that process.

On-Premise System

A type of computing infrastructure where software applications are installed and run on the hardware located within the premises of the organization using the software, rather than at a remote facility such as a server farm or cloud.