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What is the difference between real Gross Domestic Product (GDP) and nominal GDP? What is the relationship between the real GDP and the business cycle? Give one Example

Aug 19th, 2015

Gross domestic product is the total market value of goods and services produced within the country during a year

Nominal gross domestic product, or nominal GDP, is the total market value of goods and services produced, measured in current  prices.

Example:

Suppose in the year 2010, the economy of a country produced \$150 billion worth of goods and services based on year 2010 prices. Since we're using 2010 as basis year, the nominal GDP and Real GDP are the same.

In the year 2011, the economy produced \$180 billion worth of goods and services based on year 2011 prices. Those same goods and services are instead valued at \$165 billion if year 2010 prices are used. Then:

Year 2010 Nominal GDP = \$150 Billion, Real GDP = \$150 Billion
Year 2010 Nominal GDP = \$180 Billion, Real GDP = \$165 Billion

Please find the solution enclosed here with. In case of any doubt please feel free to ask …: I would be glad to complete your online / offline mathematics or science assignment. I always deliver quality work in time. If you give me the chance, I g
Aug 19th, 2015

Business cylcle and growth rate  are directly proportional : Higher the business cycle (volatility ) here will be the growth

Aug 19th, 2015

Is this answer copied from some other source?

Aug 19th, 2015

answer is goggled from internet ... but  it is presented in my own words ...In Example digits are unique ( not copied )

Aug 19th, 2015

I asked because everyone has been using that same cite googled and changing digits only and teacher is not accepting that. Want it to be original

Aug 19th, 2015

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Aug 19th, 2015
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Aug 19th, 2015
Oct 22nd, 2017
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