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    Nominal GDP and real GDP

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    Why is it important for a country to calculate their GDP and release this information to the public? Would it matter if they only reported nominal GDP and not real GDP? The calculation of GDP does not include everything, such as non-market and illegal activities; explain the relative importance of this for a country.

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    GDP...
    Can you please help me with these questions in how best to answer them/explain them?
    Why is it important for a country to calculate their GDP and release this information to the public? Would it matter if they only reported nominal GDP and not real GDP? The calculation of GDP does not include everything, such as non-market and illegal activities; explain the relative importance of this for a country.

    As per ...

    Solution Summary

    The solution helps in discussing Nominal GDP and real GDP. References are provided to aid in the understanding of the question.

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