Which of the Following Best Describes Nominal GDP

question 56

Multiple Choice

Which of the following best describes nominal GDP?

• A) Total quantity of goods and services produced by an economic system
• B) Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
• C) 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
• D) Total value of all goods and services produced within a given period by a national economy through domestic and international factors of production
• E) 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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