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When determining the GDP in 2006 for Chile, the economists adjusted the current market prices by 3.1 percent to correct for inflated values. This adjusted GDP is called the nation’s _____ GDP.\

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shaikhifham

Answer:

GDP is the total value of products and services, traded within the country, during a Fiscal year. The GDP without any inflation adjustment is known as nominal GDP and the inflation adjusted GDP is known as Real GDP. Hence, when determining the GDP in 2006 for Chile, the economists adjusted the current market prices by 3.1 percent to correct for inflated values. This adjusted GDP is called the nation’s real GDP.

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