a. Nominal GDP is multiple choice 1 determined in the market, whereas real GDP is computed by a government agency. the market or money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation. adjusted for inflation, whereas real GDP is the market or money value of all final goods and services produced by the economy in a given year. the sum of intermediate and final goods and services, whereas real GDP is only the sum of final goods and services. b. In order to compare changes in the standard of living over a series of years, we would use multiple choice 2 marginal GDP. average GDP. nominal GDP. real GDP. c. The GDP price index is multiple choice 3 a measure of nominal GDP adjusted for inflation. a measure of the price of a specified collection of goods and services compared to the average of the prices of a highly similar collection of goods and services for the last 10 years. a measure of the price of a specified collection of goods and services compared to the price of a highly similar collection of goods and services in a reference year. computed for each industry sector. d. Which of the following statements is true

Nominal GDP is the market or money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation.
In order to compare changes in the standard of living over a series of years, we would use real GDP.
The GDP price index is a measure of the price of a specified collection of goods and services compared to the price of a highly similar collection of goods and services in a reference year.
The statements that is true is that Real GDP is nominal GDP divided by the price index.

For better understanding, let us explain what GDP means

Gross domestic product (GDP) is simply defined as the total value of all final goods and services that has been made in a particular economy. Usually, it is also refered to as the dollar value of all final goods and services that is made within a country's borders in a given year

From the above, we can therefore say that the answer

Nominal GDP is the market or money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation.
In order to compare changes in the standard of living over a series of years, we would use real GDP.
The GDP price index is a measure of the price of a specified collection of goods and services compared to the price of a highly similar collection of goods and services in a reference year.
The statements that is true is that Real GDP is nominal GDP divided by the price index, is correct

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