Question

______ is shown by Nominal GDP.

Options

• Change in price only

• Change in Output only

• Both Change in price only and Change in Output only.

• Neither Change in price only nor Change in Output only.

Answer 1

Both Change in price only and Change in Output only.

Explanation:

Nominal GDP or GDP at current prices refers to the goods and services produced by all producing units in a country's domestic territory during an accounting year and valued at the current year's prices or current prices. Changes in both physical output and the price level have an impact on it. It is not regarded as a reliable indicator of economic development.