Which Prices Are Used to Measure Goods and Services in Calculating

question 132

Multiple Choice

Which prices are used to measure goods and services in calculating the nominal GDP?

• A) past years prices
• B) current prices
• C) average prices
• D) projected prices

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Definitions:

Past-Due

Referring to a payment or obligation that has not been met by its deadline.

Breach of Contract

The failure to perform as specified in a legally binding contract, which can lead to legal actions and damages.

Disputed Claim

A contested assertion of a right or demand that is subject to disagreement between parties.

Past Obligation

Obligations or duties that were required or expected to be fulfilled in the past.