Nominal GDP is:

a) the sum of all monetary transactions that occur in the economy in a year.
b) the sum of all monetary transactions involving final goods and services that occur in the economy in a year.
c) the amount of production that occurs when the economy is operating at full employment.
d) money GDP adjusted for inflation.

ANSWER

b) the sum of all monetary transactions involving final goods and services that occur in the economy in a year.