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Why should policymakers care about GDP?
Principles of Economics (MindTap C...
Solutions
Principles of Economics (MindTap C...
Why should policymakers care about GDP?
Explanation of Solution
The GDP is the summation of the monetary value of all the goods and services produced within the political boundary of a country within a financial year. There are two different ways of calculating the GDP of the economy and they are the real GDP and the nominal GDP. The real GDP is measured at the constant prices and thus, it will increase only when the output increases, whereas the nominal GDP may increase when there is an inflation in the economy. Therefore, the nominal GDP may rise when there is a price hike, even when the output may fall. Thus, the real GDP is the more accurate measure to identify the economic well-being...
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