Real GDP & Aggregate Output. Chapter 7-2. Comparing GDP Across Time. GDP can grow due to: 1) Economy producing more 2) Prices having risen. Calculating GDP and Real GDP in a Simple Economy. Nominal GDP.
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GDP can grow due to:
1) Economy producing more
2) Prices having risen
Real GDP is the value of the final goods and services produced calculated using the prices of some base yearKeeping it Real
The first econometrician fired, but missed, by a yard to the left.
The second econometrician fired, but also missed, by a yard to the right.
The third econometrician didn't fire, but shouted in triumph, "We got it! We got it!"Laugher Curve