CBSE 2022 Class 12 Economics Delhi Set 2 (Term 2)

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Question : 7
Total: 7
Distinguish between Real Gross Domestic Product (GDP) and Nominal Gross Domestic Product (GDP)
Solution:  
Real GDP is the market value of goods and services produced within the domestic territory of country during an accounting year, as estimated using the base year prices whereas Nominal GDP uses the current year's prices.
Real GDP =
Nominal GDP
Price Index
×100
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