Asked by Elizabeth Carney on May 01, 2024
Verified
As long as there is some inflation,GDP will rise _____ than real GDP.
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced within a country in a given year, reflecting the actual purchasing power.
Inflation
The uplift in the aggregate price level for goods and services, reducing the efficacy of buying power.
- Distinguish between nominal GDP and real GDP and the impact of inflation on both.
Verified Answer
ZK
Learning Objectives
- Distinguish between nominal GDP and real GDP and the impact of inflation on both.