Question

With reference to the GDP, consider the following statements: 1. Real GDP is the value of goods and services produced in the country in the past year at current prices. 2. Real GDP allows the quantities of production to be compared across time 3. Nominal GDP is the value of goods and services produced in the country in the past year calculated at base-year prices. Which of the statements given above is/are correct?

A 1 only
B 2 only
C 2 & 3
D All
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