ECO 372 Week 1 Discussion Question 2 - 89295

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What is the difference between real and nominal GDP? According to Colander (2010), GDP, Gross Domestic Product measures the value of economic activity within a country. GDP is a statistic used to measures the economy. Nominal GDP are figures that have not been adjusted for inflation. The GDP figure can be misleading when inflation is not accounted for in GDP figures. Nominal GDP is GDP evaluated at current market prices. These prices include all the changes that occur in the market prices during the current year due to inflation or deflation...
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What is the difference between real and nominal GDP?

According

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