Question

Comparison chart Between Real National Income and Nominal National Income​

Answer 1

Answer:

Real national income is nominal or money national income (output) adjusted for inflation. It is also national income at 'at constant prices. The most frequently used measure of national income is Gross Domestic Product (GDP). More on national income.

Answer 2

Answer:

Nominal GDP- It measures the value of national output at current price with NO adjustment for effect of inflation. Real GDP- It measures the value of national output with a constant price level and adjusting the inflation rate.

Explanation:

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