Answer to Question #243045 in Microeconomics for Noxie

Question

What is Nominal GDP

Answer 1

Nominal GDP, or nominal gross domestic product, is a measure of the value of all final goods and services produced within a country’s borders at current market prices. Also known as a “current dollar GDP” or “chained dollar GDP,” nominal GDP takes price changes, money supply, inflation, and changing interest rates into account when calculating a country’s gross domestic product.