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O ? | ? https//newconnect.mheducation.com/flow/connect.html Topics 5-7) Seved The major difference between nominal GDP and real GDP is 4 O nominal GDP measures the value of output in current year prices, while real GDP measures output using constant prnices O nominal GDP measures the value of output in constant prices, while real GDP measures output using current-year prices O nominal GDP measures the value of output with current-year output levels, while real GDP measures output using constant output levels. O nominal GDP measures the value of output with constant output levels, while real GOP measures output using current year output levels Type here to search OI FI F2 F3 F4 F6 F8 F9

Explanation / Answer

Option 1. Nominal GDP measures the value of the output in current-year prices, while real GDP measures output using constant prices.

Explanation: Nominal GDP does not take the inflation rate into consideration while real GDP takes inflation into account. Therefore, Nominal GDP measures the value of the output in current-year prices, while real GDP measures output using constant prices.

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