Question: What is the difference between the real and nominal measures of GDP ? Real GDP includes both goods and services, while nominal only counts goods

What is the difference between the real and nominal measures of GDP?
Real GDP includes both goods and services, while nominal only counts goods
Real GDP includes intermediate goods, while nominal does not
Real GDP adjusts for inflation, while nominal does not
Real GDP does not include imports or exports, while nominal does
Real GDP is measured net of taxes, while nominal is measured before taxes
What is the difference between the real and

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!