When goods and services are evaluated at constant prices, the measured value is known as .........

Real GDP.

The correct answer is Option (4) → Real GDP.

When goods and services are evaluated at constant prices (i.e., prices of a base year), the resulting measure is called Real GDP.

• Real GDP accounts for inflation and reflects the true growth in the volume of production.

• It removes the effect of price changes, unlike Nominal GDP, which is calculated at current prices.