Item$10$

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Item $10$

The major difference between nominal GDP and real GDP is

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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 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 constant prices, while real GDP measures output using current$-$year prices.