The concept of “real GDP” refers to: January 1, 2023 by admin the value of nominal GDP after adjustments have been made for changes in the price level. the value of nominal GDP minus the environmental pollution and changes in the distribution of income. the value of the current total output plus the value of intermediate goods. GDP data which reflect changes in both physical output and environmental damage. See Answer the value of nominal GDP after adjustments have been made for changes in the price level.