Explain the difference between nominal and real gdp and why, Ask an Expert

Economics

problem: Obtain data about 2011 gross domestic product at http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1 to complete the table below.

• When completing this table, recall that Y = C + I + G + NX.
• Use the most recent consumer price index reported by the Bureau of Labor Statistics.

633_GDP components.jpg

problem: prepare a 500-word response to the following:

• describe the difference between nominal and real GDP and why real GDP is necessary to compare prior years’ data.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9320

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