What is the difference between nominal and real GDP?
Answer to relevant QuestionsWhat is a consumer price index? How is it constructed? Why does the index become increasingly unreliable over time? If the economy's macro-equilibrium position generates too high unemployment, what can the government do? Distinguish between durable goods, nondurable goods, and services. What is the MPC? The MPS? What is the relationship between them? Calculate the marginal propensity to consume, the marginal propensity to save, and the level of saving for each income level in the accompanying table.
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