Which of the Following BEST Describes Nominal GDP

question 111

Multiple Choice

Which of the following BEST describes nominal GDP?

• A) total quantity of goods and services produced by an economic system
• B) total value of all goods and services produced within a given period by a national economy through domestic factors of production, measured in current dollars or with all components valued at current prices
• C) total value of all goods and services produced within a given period by a national economy regardless of where the factors of production are located
• D) total value of all goods and services produced within a given period by a national economy through domestic factors of production, adjusted to account for changes in currency values and price changes
• E) total quantity of goods and services that are imported within a given period of time

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Definitions:

Income

The financial earnings of an individual or entity, typically acquired through employment, business ventures, or other investments.

Quantity Demanded

The aggregate sum of a product or service that buyers are ready and capable of buying at a specific price level.

Demand

The inclination to buy products and services supported by the capability and readiness to spend a specific amount of money.

Increase

To become or make greater in size, amount, intensity, or degree.