a) Define GDP and explain the different methods by which it can be measured. 

Question

b) Explain the difference between nominal and real GDP. What would have to occur for real GDP to be higher than nominal GDP in any given year?

c) Is the measure of real GDP a good indicator of the actual level of welfare within a country? Why?

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BodMas 2024-07-13T15:56:43+03:00 0 Answers 1 views Enlightened
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