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1. What is the distinction between Nominal GDP and Real GDP?  Which is more important in terms of satisfying humans wants? Why? 2. Use list to compute GDP from the Expenditures approach. Personal Consumption expenditures     $600 Transfer payments    $15 Consumption of fixed capital     $20 Interest     $11 Exports     $15 Government purchases    $85 Compensation of employees     $225 Imports    $18 Net private domestic investment     $65

1. What is the distinction between Nominal GDP and Real GDP?  Which is more important in terms of satisfying humans wants? Why? 2. Use list to compute GDP from the Expenditures approach. Personal Consumption expenditures     $600 Transfer payments    $15 Consumption of fixed capital     $20 Interest     $11 Exports     $15 Government purchases    $85 Compensation of employees     $225 Imports    $18 Net private domestic investment     $65

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1. What is the distinction between Nominal GDP and Real GDP?  Which is more important in terms of satisfying humans wants? Why?

2. Use list to compute GDP from the Expenditures approach.

Personal Consumption expenditures     $600

Transfer payments    $15

Consumption of fixed capital     $20

Interest     $11

Exports     $15

Government purchases    $85

Compensation of employees     $225

Imports    $18

Net private domestic investment     $65

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