Real Gross Domestic product is a better indicator of economic growth than National Gross Domestic product. Do you agree with the given statement? Support your answer with a suitable numerical example.
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The given statement is correct. Real Gross Domestic Product (GDP) is a better indicator of economic growth than Nominal Gross Domestic Product (GDP) as it is not affected by changes in general price level. In the above example the difference between Real GDP (∑P0Q1) and Nominal GDP (∑P1Q1) is 5,500-3,000 = ₹2,500.O
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