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    Real vs Nominal GDP: Sample Calculations With Explanations

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    Given a table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP. Evaluate changes in economic growth.
    See the attached file. Complete the table and answer the following questions:

    What's the difference between real GDP and nominal GDP? How is inflation measured? Based on the table, what can you predict about the economic condition of this country? Please explain and justify your claims.

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    Solution Preview

    The attached file shows the completed table.

    Nominal GDP is the value of a given year's GDP in that year's currency. Real GDP is nominal GDP adjusted ...

    Solution Summary

    Given a partially completed table of GDP and price data, calculate real GDP and inflation rates.