What is the difference between real GDP and nominal GDP?
Real GDP is based on constant...
History, 25.03.2020 19:03, ronnie7898
What is the difference between real GDP and nominal GDP?
Real GDP is based on constant prices; nominal GDP is based on the current year’s prices.
Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars.
Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities
Real GDP allows for depreciation; nominal GDP allows for no depreciation.
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