Measuring economic - Nominal GDP

4 important questions on Measuring economic - Nominal GDP

What is Nominal GDP measured using?

It is measured using current prices of the same year.

What does Nominal GDP show regarding price?

It is good for showing price trends.

What does Nominal GDP tell us?

It tells us the value of what was produced.
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What effect does Nominal GDP include?

It includes the effect of inflation.

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