If nominal GDP increases from $10 trillion to $12 trillion in a year,it could mean that aggregate output grew by 20%,that prices increased 20%,or that prices and aggregate output both increased.

Name: If nominal GDP increases from $10 trillion to $12 trillion in a year,it could mean that aggregate output grew by 20%,that prices increased 20%,or that prices and aggregate output both increased.
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Nominal GDP can increase due to a rise in aggregate output, an increase in prices, or a combination of both.

If Nominal GDP Increases from $10 Trillion to $12 Trillion