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    Nominal and Real GDP

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    A) The Norminal GDP is the total market value, measured in current prices, of all goods and services produced during one year, which is the product of Current year price and Current year production. So, NGDP= 2*200+5*50+6*100 = $1,250
    The Real GDP is the total market value, measured in constant ...

    Solution Summary

    The solution explains the nominal and real GDP issue and cites advantages/disadvantages of real GDP over nominal GDP. The solution is brief and concise and explains the concepts very well. The solution is ideal for students who want to confirm their understanding of the concepts. Overall, a good solution.