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Economics
Macroeconomics
National Income Accounting and Price Indexes
What are the following variables used for in economics:
Nominal GDP, Real GDP, GDP Deflator and CPI?
1 answer
To dertermine the goods and services that are produced within the border of the country.and to calculate the statistics of the country
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The task of my assignment was to calculate the Nominal GDP, given the GDP deflator and the Real GDP. This is what I got.
GDP
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d. Nominal GDP is the total value of goods and services produced in a country in current market
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should we care more about nominal GDP or real GDP??
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suppose US nominal GDP was $6,250 billion in 2000 and GDP chain price index is 125.0. Real GDP is:
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in 1990, US nominal GDP was $5,744 billion and the GDP chain price index is 93.6. Real GDP in 1996 dollars is approximately:
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5376
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