Question

26.3. GDP is estimated by taking into account the
(a) Total volume of intermediate goods and services and their prices
(b) Total volume of consumer goods
(c) Total volume of goods and services and their prices
(d) Total volume of goods and services produced in the last five years​

Answer 1

Answer:

Nominal gross domestic product is gross domestic product (GDP) evaluated at current market prices. GDP is the monetary value of all the goods and services produced in a country. Nominal differs from real GDP in that it includes changes in prices due to inflation, which reflects the rate of price increases in an economy.

KEY TAKEAWAYS

Nominal GDP is an assessment of economic production in an economy but includes the current prices of goods and services in its calculation.

GDP is typically measured as the monetary value of goods and services produced.

Since nominal GDP doesn't remove the pace of rising prices when comparing one period to another, it can inflate the growth figure.

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Answer 2

Answer:

Total volume of consumers goods

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