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Is nominal GDP measured in terms of quantity or in terms of dollars? If dollars, the...

Is nominal GDP measured in terms of quantity or in terms of dollars? If dollars, the value of the dollar from what period? Is real GDP measured in terms of quantity or in terms of dollars? If dollars, the value of the dollar from what period?

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Answer #1

- Nominal GDP measured in terms of dollars.

If dollars, the value of the dollar from what period?

- Dollar from current period.

Explanation:

Nominal GDp is the value of final goods and services that is produce in the economy in that period using the current prices.

- Real GDp measured in terms of dollars.

If dollars, the value of the dollar from what period?

- Dollars from base year period

Explanation:

Real GDp is the value of final goods and services that is produce in the economy in that period using the prices of base year.

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