Real GDP refer to GDP at constant price.
Real GDP = Q× P*
Q = quatity of final goods and services during accounting year
P* = Prices prevailing during base year
Nominal GDP refer to GDP at currenr prices.
Nominal GDP = Q×P
Q= quantity of final goods and services produced during an accoumting year
P = prices prevailing during accounting year
Real GDP is good indicator of welfare of society. Because nominal GDP can increase even when there is no increase in production , it can increase with increase in prices whereas real GDP increases only when there is increase in production of goods.MarkAsBrainliest
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