Nominal Gross Domestic Product (GDP) measures the value of goods and services produced in an economy during a specific period using the prevailing market prices of that period.
Nominal (GDP) is
Asked in CGPSC Prelims Exam 2023 · Topic: National Income & Gross Domestic Product (Nominal vs. Real GDP and GDP Deflator)
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Answer: B. GDP evaluated at current market prices
More Economic Development questions
- Current Production of Goods and Services × Current Prices = ______, and Current Production of Goods and Services × Base year Prices = ______.
- Which one of the following is taken as the Base Year for estimating GDP at constant prices in India during 2012-13 ?
- For measuring Gross Domestic Product (GDP) at constant prices in India, which of the following years was taken as the base year during 2012-13?
- Recently the Government of India has decided to revise the base year for estimating the GDP from :
- Which of the following statements is/are correct? 1. GDPMP is the value of all final goods and services produced within the geographical boundary of a country during a given year at market prices. 2. If the GDP of a country is growing, it is necessary followed by welfare. 3. The ratio of Nominal GDP to Real GDP is called GDP deflator. 4. Real GDP is calculated by dividing Nominal GDP by GDP deflator.
- Which of the following statements are true ? 1. GDPMP is the market value of all final Goods and Services produced within the geographical boundary of a country in a year. 2. If the GDP of a country is rising, the welfare may not rise as a consequence. 3. The ratio of nominal GDP to Real GDP is called GDP Deflator. 4. The ratio of real GDP to nominal GDP is called GDP Deflator.
- Indicate the vital change in the measurement of National Income of India recently. (1) Base year has been changed from 2004-05 to 2011-12. (2) Calculation has changed from factor cost to market prices. (3) Calculation has changed from current prices to constant prices. (4) Both the base year and calculation method have changed.
- 'Base year' in National Income accounting means -