Which of the following BEST describes nominal GDP?
A) Total quantity of goods and services produced by an economic system
B) Total value of all goods and services produced within a given period by a national economy through domestic factors of production, measured in current dollars or with all components valued at current prices
C) Total value of all goods and services produced within a given period by a national economy regardless of where the factors of production are located
D) Total value of all goods and services produced within a given period by a national economy through domestic factors of production, adjusted to account for changes in currency values and price changes
E) Total quantity of goods and services that are imported within a given period of time
Answer: B
Explanation: B) Nominal GDP is not adjusted to make up for inflation and/or changes in currency values.
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