By what other name is nominal GDP known?
Answer and explanation
Correct answer: GDP at current prices
Nominal GDP is calculated by multiplying the quantities of final goods and services produced during a year by the prices prevailing in that same year. Since it uses current-period prices and includes their changes, it is also called GDP at current prices. GDP at constant prices is real GDP, while per-capita and green GDP are different measures.
Frequently asked questions
What is the correct answer to this question?
GDP at current prices
Why is this the correct answer?
Nominal GDP is calculated by multiplying the quantities of final goods and services produced during a year by the prices prevailing in that same year. Since it uses current-period prices and includes their changes, it is also called GDP at current prices. GDP at constant prices is real GDP, while per-capita and green GDP are different measures.
Which subject and chapter does this question cover?
This is a Class 12 Economics question. Chapter: National Income and Related Aggregates. Topic: Real GDP and Nominal GDP.
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