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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What is the difference between real GDP and nominal GDP?

Real GDP is based on constant...

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