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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How do you convert a series of nominal economic data over time to real terms?

To determine

Way to convert a series of nominal economic data over time to real terms.

Explanation

Nominal values need to be converted into real terms. This can be done by using a GDP Deflator. The nominal values entered against the existing actual prices prevailing in the base year. It can be calculated using the below mentioned formulas:

Nominal GDP = GDP Deflator × Real GDP

Real GDP= Nomin

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