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