Real GDP is calculated using _ prices, whereas nominal GDP is calculated using _ prices.

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international; localprices of the current year; prices of the base yearlocal; internationalprices from the base year; prices from the current yearprices of intermediate goods; prices of final goods

Explanation

Real GDP is valued at constant prices from a base year to remove the effects of inflation, while nominal GDP is measured using the prices prevailing in the current year.

Real GDP is calculated using _________ prices, whereas nominal GDP is calculated using _________ prices.

Explanation

Real GDP is calculated using _ prices, whereas nominal GDP is calculated using _ prices.