If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real gdp?.

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13-09-2022
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If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real gdp?.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-09-15T14:37:28+02:00

Nominal GDP would rise, but real GDP would be unchanged. Nominal GDP is a measure of economic output in an economy that takes current prices into account. In other words, it does not account for inflation or the rate at which prices rise, which might exaggerate the growth statistic. Nominal GDP is calculated using current prices, whereas real GDP is calculated using constant prices.

Real GDP is an inflation-adjusted measure of a country's gross domestic product. In contrast, nominal GDP is calculated using current prices and does not account for inflation. Nominal GDP accounts for current market prices without taking into account deflation or inflation.

To learn more about GDP, click here.

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