Economic Measurement Quiz

The contribution of a country's nationals to the economy (correct)

The market value of goods and services produced domestically

The economic output of a country at current prices

The value of goods and services produced by all residents of a country

By factoring in both quantity and price changes

By considering the market value of goods and services produced domestically and abroad

By measuring the value of goods and services at current year prices

At constant prices, expressing value in terms of prices prevailing in the base year (correct)

Nominal GNP is measured at current prices, while Real GNP is computed at constant prices (correct)

Nominal GNP overlooks citizenship, while Real GNP factors in citizenship

Nominal GNP factors in quantity changes, while Real GNP considers price changes

Nominal GNP represents economic output, while Real GNP represents market value

<p>Volume of product changes or price changes or both</p> Signup and view all the answers

<p>The value of all finished goods and services produced by a country's citizens, both domestically and abroad</p> Signup and view all the answers