REAL VS NOMINAL GDP
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6 Terms
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When we calculate GDP using today’s prices, we are creating a measure called…
Nominal GDP
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A measure of GDP that has been adjusted for the price level is called…
Real GDP
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Which one is the truer measure of GDP?
Real GDP
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There are two approaches to adjusting nominal GDP to get real GDP:
1) using the same prices every year
2) using the GDP
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Note 
Flashcards (126)