Nominal GDP is o determined in the market, whereas real GDP is computed by a government agency market or money value of all inal goods and services produced by the economy in a given year, whereas real GOP is adjusted for inflation, whereas real GDP is the market or money value of all final goods and services produced by the the sum of intermediate and final goods and services, whereas real GOP is only the sum off nal goods and services edjusted for inflation. 10 ponts economy in a given year b. In order to compare changes in the standard of living over a series of years, we would use marginal GDP average GDP. nominal GDP. real GDP c The GDP price index is O a measure of nominal GDP adjusted for inflation a measure of the price or a specified conection cfgoods and services compared to the average of the prices of a highly Prex 1 of 7 Next

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Business

Marely Riggs

27 October, 00:35

Nominal GDP is o determined in the market, whereas real GDP is computed by a government agency market or money value of all inal goods and services produced by the economy in a given year, whereas real GOP is adjusted for inflation, whereas real GDP is the market or money value of all final goods and services produced by the the sum of intermediate and final goods and services, whereas real GOP is only the sum off nal goods and services edjusted for inflation. 10 ponts economy in a given year b. In order to compare changes in the standard of living over a series of years, we would use marginal GDP average GDP. nominal GDP. real GDP c The GDP price index is O a measure of nominal GDP adjusted for inflation a measure of the price or a specified conection cfgoods and services compared to the average of the prices of a highly Prex 1 of 7 Next

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Stephany Harris · Answer 1

Nominal GDP is

money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation.

In order to compare changes in the standard of living over a series of years, we would use

real GDP (better if you use the real GDP per capita)

The GDP price index is

a measure of the price changes of domestic goods and services (imports are not included)

Explanation:

You can compare changes in the standard of living by using the real GDP, but it is much better to use the real GDP per capita.

In order to calculate the GDP price index we can use the following formula:

GDP price index = nominal GDP / real GDP