What is the difference between real and nominal GDP?

Economics
Tutor: None Selected Time limit: 1 Day

What is the difference between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not? How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer.

Aug 7th, 2015

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The major diffrence between real and nominal GDP is that in the real GDP, the inflation factor is included,  whereas in nominal, it's not. The rally GDP can easily be manipulated to show positive side of the economic,  when the real thing is not. The American government may use other crude means of improving GDP like calculating the figures when the dollar exchange rate was favorable. When inflation is factored,  you realise that the grow was minimal. 

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Aug 7th, 2015

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Aug 7th, 2015
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