Question

Nominal GDP is _____. rev: 04_09_2018 Multiple Choice the sum of all monetary transactions that occur in the economy in a year the amount of production that occurs when the economy is operating at full employment money GDP adjusted for inflation the sum of all monetary transactions involving final goods and services that occur in the economy in a year

Answer 1

Answer:

The correct answer is "the sum of all monetary transactions involving final goods and services that occur in the economy in a year"

Explanation:

The Gross Domestic Product is divided into nominal GDP and the real GDP.

The Nominal GDP is the sum of all monetary transactions involving final goods and services that occur in the economy in a year.

The Real GDP is the sum of all monetary transactions involving final goods and services that occur in the economy in a year, but adjusted to the inflation. The real DGP can consider changes in price level and can present a more accurate figure of economic growth.