Which of the Following Best Describes Nominal GDP

question 46

Short Answer

Which of the following best describes nominal GDP?
Total quantity of goods and services produced by an economic system
Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
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, with all components valued at current prices
Total value of all goods and services produced within a given period by a national economy through domestic and international factors of production
Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

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Definitions:

Mixed Number

A number consisting of an integer and a proper fraction, representing a value between two whole numbers.

Fraction

A numerical quantity that is not a whole number, representing a part of a whole.

Numerator

The top part of a fraction, representing the number of parts out of the whole indicated by the denominator.