The major difference between nominal GDP and real GDP is: nominal GDP measures the value of output with constant output levels, while real GDP measures output using current-year output levels. nominal GDP measures the value of output with current-year output levels, while real GDP measures output using constant output levels. nominal GDP measures the value of output in current-year prices, while real GDP measures output using constant prices. nominal GDP measures the value of output in constant prices, while real GDP measures output using current-year prices.
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