hat fundamental economic concept distinguishes nominal GDP from real GDP. (1 point)
Nominal GDP is the total value of goods and services produced in a country in current market prices, while
read GDP adjusts for inflation and deflation, which provides a measure of output in constant prices.
Real GDP is the total value of goods and services produced, while nominal GDP represents only the inflation
adjusted economic output.
Nominal GDP is used to measure an economy's output, while real GDP is a concept only applicable to
financial transactions and investments.
Nominal GDP is always lower than real GDP because it accounts for future expectations.