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Distinguish between Real Gross  Domestic product and Nominal Gross Domestic product. Which of these is a better index of welfare of the people and why?

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When a domestic product is valued at current prices it is called nominal domestic product and when it is valued at base year prices it is called Real Domestic Product.

Real Domestic Product is a better index of welfare o the people because it indicates the change in the quantity of goods and services available to the people.

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