Gross domestic product (GDP) measured in current pounds is_____, whereas GDP measured in terms of the prices of a fixed (or base) year is_____.

Question

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GDP measured in current pounds is referred to as nominal GDP, which reflects the current prices of goods and services. When GDP is measured in terms of the prices of a fixed or base year, it is known as real GDP, which adjusts for inflation and provides a more accurate reflection of an economy's size and how it's growing over time.

Gross Domestic Product (GDP) Measured in Current Pounds Is_____, Whereas