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Briefly differentiate between nominal and real GDP. Why is real GDP more relevant measure of economic growth compared to nominal GDP? (1.5.0_w.o.r.d.s please)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 10WNG

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⦁ Briefly differentiate between nominal and real GDP. Why is real GDP more relevant measure of economic growth compared to nominal GDP? (1.5.0_w.o.r.d.s please)

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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