What Does Nominal GDP Measure

question 158

Multiple Choice

What does nominal GDP measure?

• A) the total quantity of final goods and services produced
• B) the dollar value of the economy's output of final goods and services
• C) the total income received from producing final goods and services in constant dollars
• D) the percentage change in price level

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Definitions:

Innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Minorities

Groups in society distinguished by cultural, ethnic, racial, religious, or linguistic characteristics, often having less power or fewer rights compared to the dominant group.

Majority Viewpoint

The opinion or belief that is held by the greater number of individuals within a group or society.

Dual-process Model

A theory proposing that there are two distinct systems for processing information: one intuitive and fast, and the other analytical and slower.