Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 10WNG
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GDP (Gross Domestic Product) is the value of all final goods and services produced in the country during a period of time. Real GDP is an accurate measure of goods and services produced in the country at constant price. This is because, the real GDP is adjusted for removing inflation; so the values are always accurate.
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