Question: Can you answer these questions? 1) What is the difference between Nominal GDP and Real GDP? Which is more important in terms of satisfying human

Can you answer these questions?

1) What is the difference between Nominal GDP and Real GDP? Which is more important in terms of satisfying human wants? Why? 2) After a careful reading of the chapter, use what you need from the list below to compute GDP from the Expenditures approach. Personal Consumption expenditures......$850 Transfer payments... $15 Consumption of fixed capital.. ..... .$35 Interest.. $11 Exports..... $16 Government purchases.. ..... $115 se Compensation of employees. $225 Imports. $20 Net private domestic investment....... $75

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