What is nominal gross domestic product?

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Solution

The gross money value of final goods and services at current prices produced within the domestic territory of a country in an accounting year is nominal gross domestic product. When GDP of a given year is estimated on the basis of price of the same year, it is called nominal GDP.

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Similar questions

Distinguish between real and nominal gross domestic product.

Q. Very Short Answer Type Questions:
What is nominal gross domestic product?

Q. Are the following statements true or false? Give reasons.
Real gross domestic products can be equal to nominal gross domestic product.

Q. If the Nominal Gross Domestic Product

= R s 4, 400

and the Price Index

(b a s e = 100) = 110

, calculate the Real Gross Domestic Product.

Suppose the amount of output doesn’t change in an economy, but the consumer price index (CPI) increases. What happens to nominal gross domestic product (GDP) and real GDP?

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