Q. Which of the following statements about GDP is correct?
A) Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the production process.
B) Nominal GDP values production at constant prices, whereas real GDP values production at current prices.
C) Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
D) Nominal GDP consistently underestimates the value of production, whereas real GDP consistently overestimates the value of production.
✔ Correct Answer: Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
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