Money and Banking 3

Question 1

The value of final goods and services calculated using currentyear prices.

Answer 1

Nominal GDP

Question 2

The value of final goods and services using base-year prices

Answer 2

The value of final goods and services using base-year prices

Question 3

A measure of the price level, calculated by

dividing nominal GDP by real GDP and multiplying by 100.

Answer 3

also called the GDP implicit price deflator