Asked by
Alicia Hinton
on Dec 17, 2024
Verified
Real GDP measures output of final goods and services in physical units.
Real GDP
The market value of all final goods and services produced within a country in a year, adjusted for inflation.
Physical Units
Measurements or quantities of items not based on value or price but on physical count or volume.
- Distinguish between nominal GDP and real GDP by recognizing their respective measures and variations.
Verified Answer
DG
Learning Objectives
- Distinguish between nominal GDP and real GDP by recognizing their respective measures and variations.