What is the difference between nominal GDP and real GDP?
a. Nominal measures money, real measures products.
b. Nominal is used for exports, real is used for imports.
c. Nominal is measured by the federal government, real is measured by state governments.
d. Nominal measures GDP at current prices, real measures GDP at a constant price over the years.
e. None of the above.
Answer: d. Nominal measures GDP at current prices, real measures GDP at a constant price over the years.
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