Question

explain the concept of nominal GDP and real GDP? Marks 3

Answer 1

Based on the formula). Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation. Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output.


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Answer 2

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(Based on the formula). Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation. Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output.

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