Why would an economist use real GDP rather thannominal GDP to measure growth?Nominal GDP allows you to compareGDP from different yearsNominal GDP is a better measure of anation's standard of livingReal GDP is adjusted for inflation andreflects output/production moreaccuratelyReal GDP is calculated for a longerperiod of time than does nominal GDP

Economic growth refers to an increase in the overall production of final goods and services in an…

Answered: Why would an economist use real GDP…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 8SQP

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U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?
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Hi can you please help me with the following calculations and question GDP at current prices and constant prices in Economy X Year GDP at current prices GDP at constant prices 2018 1571995 1571995 2019 1767422 1659121 2020 2016185 1751165 Use the information in the table Calculate the nominal economic growth rate in 2020 and the real economic growth rate in 2020. You will notice that the GDP at current prices and the GDP at constant prices is the same for 2018. Why do you think this is the case?

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