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Class 11EconomicsNational Income and Related AggregatesEasyLevel 38

What is another common name for real GDP?

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Answer and explanation

Correct answer: GDP at constant prices

Real GDP values the output of different years using the prices of a selected base year. Since those prices are held constant for comparison, real GDP is also called GDP at constant prices. Nominal GDP is the measure at current prices, so option A describes the wrong concept. Options C and D are not standard equivalent terms for real GDP and do not remove the price effect.

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real GDPconstant pricesbase yearnominal GDPNational Income and Related AggregatesEconomicsClass 11 MCQ

Frequently asked questions

What is the correct answer to this question?

GDP at constant prices

Why is this the correct answer?

Real GDP values the output of different years using the prices of a selected base year. Since those prices are held constant for comparison, real GDP is also called GDP at constant prices. Nominal GDP is the measure at current prices, so option A describes the wrong concept. Options C and D are not standard equivalent terms for real GDP and do not remove the price effect.

Which subject and chapter does this question cover?

This is a Class 11 Economics question. Chapter: National Income and Related Aggregates.

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10 more MCQs
  1. 1Measurement of economic growth in macroeconomics is generally linked with which of the following?
  2. 2What is a possible limitation of per capita income as an indicator of economic welfare?
  3. 3Why is the idea of income distribution linked with national income in macroeconomics?
  4. 4If the government wants to increase aggregate demand by reducing taxes, which macroeconomic idea is involved?
  5. 5If inflation and unemployment both rise, why is this a complex situation in macroeconomic study?
  6. 6Why are income, output and expenditure studied together in national income accounting?
  7. 7If aggregate demand rises but the economy is at full capacity, why may pressure come on prices?
  8. 8If total output is constant but the population is rising, what may macroeconomic analysis focus on?
  9. 9If total output rises but environmental damage also rises, which limitation of a macroeconomic measure is shown?
  10. 10What can be a limitation of national income data in macroeconomics?
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