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Question
Make a comparison between nominal GNP and real GNP.
Very Short Answer
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Solution
Nominal GNP, also known as GNP at current prices, is the worth of the total output for a given period expressed in terms of the prices of that year. On the other hand, physical output is used to measure real GDP. Actually, changes in a nation’s physical output over a specific time period at constant prices are used to calculate actual GNP.
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