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

---

Definitions:

Equity

The value of an ownership interest in property, including shareholders' equity in a corporation, representing assets minus liabilities.

Venture Capitalists

Individuals who make large investments in new ventures in return for an equity stake in the business.

Management Role

Refers to the functions and responsibilities assigned to managers, including planning, organizing, leading, and controlling.

Entrepreneurship

The process of designing, launching, and running a new business, typically starting as a small business, such as a startup.