Asked by Halwi Ahmed on Apr 24, 2024
If the nominal gross domestic product (GDP)is $6 trillion for a particular year,and the real GDP is $3 trillion,then the GDP price index is 167.
Nominal Gross Domestic Product (GDP)
The market value of all goods and services produced within a country in a given period, measured without adjusting for inflation.
Real GDP
The total value of all goods and services produced by a country in a year, adjusted for inflation, making it a measure of economic output that accounts for changes in the price level.
GDP Price Index
An indicator reflecting the variation in costs for all newly produced domestic final goods and services within an economy.
- Discern the distinctions between nominal GDP, real GDP, and the GDP price index, and their significance in examining economic scenarios.
Learning Objectives
- Discern the distinctions between nominal GDP, real GDP, and the GDP price index, and their significance in examining economic scenarios.
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