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Answer» Difference between domestic product and national product . | Sl. No. | Nominal GDP | Real GDP | | i | The money value of all the final goods and services produced within domestic territory of a country during a financial year at current year prices is called Nominal GDP. | The money value of all the final goods and services produced within domestic territory of a country during a financial year at base year prices is called Real GDP. | | ii | It is also known as GDP at current prices. | It is also known as GDP at constant prices. | | iii | Nominal GDP is affected by change in both output and prices. | Real GDP is affected by change in output only. It is not affected by change in prices. | | iv | It is not a good indicator of measuring growth of an economy. | It is a good indicator of measuring growth of an economy. |
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