Question

Diffeentiate between monetry
GDP and real GDP​

Answer 1

Answer:

nominal GDP or monetary GDP refers to GDP at current year prices under which GDP is estimated using current year price.

real GDP refers to GDP at constant prices under which GDP is estimated using base year prices.

real GDP considered to be the best indicator to measure economic growth as it shows the real increase or decrease in output while inflation is also being taken if in case of nominal GDP