Question: Discuss the difference between real GDP and nominal GDP. Which is used by economists to measure economic well-being and why? Why is a large GDP

Discuss the difference between real GDP and nominal GDP.

Which is used by economists to measure economic well-being and why?

Why is a large GDP a good thing?

Give an example of something that would raise GDP but would be considered undesirable and explain.

In this discussion board you can offer a definition of GDP, Real GDP and Nominal GDP. Then use the terms in a presentation to the class that shows your understanding of the terms.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

"Though integration will be difficult to achieve, the benefits of combining our resources should be evident." 1 5 ) Integration entails combining resources. A ) Assumption made B ) Assumption not made

Unit 5 DB: GDP Discuss the difference between real GDP and nominal GDP, which is used by economists to measure economic well-being and why.Why is a large GDP a good thing?Give an example of something...

Discuss the difference between real GDP and nominal GDP, which is used by economists to measure economic well-being and why.Why is a large GDP a good thing?Give an example of something that would...

This discussion board is intended to show your understanding of Gross Domestic Product (GDP). In a narrative presentation, in your own words, please first explain what GDP is. Do not list a...

This discussion board is intended to show your understanding of Gross Domestic Product (GDP). In a narrative presentation please first explain what GDP is. Then discuss the difference between real...

1. what is the difference between real gdp and nominal gdp? 2. explain why the sale of used goods is not included in gdp? 3. if an economy's nominal gdp increased by 3%, why do you thing that this...

1.Explain the difference between the study of microeconomics and the study of macroeconomics. 2.Why is the study of macroeconomics important to the entrepreneur or business owner? 3.Explain the...

A slice of pizza at the local pizzeria is $1.50 per slice. Sam feels that the first slice of pizza is worth $5, the second slice worth $3, and all subsequent slices are $1 each. How many slices will...

Based on chapters 3 & 6 of this module, your Reflection paper should contain 400 words or more. explain what you learned in the corresponding module using your own words. chapter 3 Why Can We Not Get...

Define the inner product x , y = x T Wy for all x , y m , where W is a symmetric positive definite matrix. Let A be any m m matrix. Determine the adjoint A* (see Definition 2.11 ) with respect...

Paul Lewis is the quality review partner on the Richards & Co. engagement. He was reviewing the workpapers prior to the December 31, 2015, annual audit when he came across transactions that...

In a process costing system, the number of WIP inventories O A. equal the number of production departments OB. equal the number used in a job cost system. OC. equal the number of products produced....

At one location on the Earth, the rms value of the magnetic field caused by solar radiation is 1.80 T. From this value calculate (a) The rms electric field due to solar radiation, (b) The average...

Continuation of Exercise 4-88. (a) If 30 separate one-hour intervals are chosen, what is the probability that no interval contains more than three arrivals? (b) Determine the length of an interval of...

The time between arrivals of small aircraft at a county airport is exponentially distributed with a mean of one hour. What is the probability that more than three aircraft arrive within an hour?

An installation technician for a specialized communication system is dispatched to a city only when three or more orders have been placed. Suppose orders follow a Poisson distribution with a mean of...

Light traveling in a material of refractive index n, is incident at angle , with respect to the normal at the interface with a slab of material that has parallel faces and refractive index n2. After...

What is the most important thing the chief keeps in Northwest Coast potlatches? the collected beaver pelts. the wealth that his clan helped him collect. ancestral rights and privileges. the leftover...

3. Im trying to point out what we need to do to make this happen

1. I try to create an image of the message

4. I try to make them feel what I really mean (1 is related to the visionary, 2 to the logical, 3 to action and 4 to the emotional).