Econ 4 oct - Normal GDP / real gdp x 100 How do we...

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Gross national product GNP: market value of all final goods and services produced by a country's factors in a given of time. How do i know I'm better off than my parents were? GDP ^ if price ^ or if output ^ Real GDP vs. nominal GDP ( base year prices vs. current year price) GDP Deflator: a measure of the price level
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Unformatted text preview: Normal GDP / real gdp x 100 How do we calculate information using CPI? Consumer price index (CPI): measures overall cost of goods for a typical urban household it is measure of price level steps to calculating inflation using CPI 1- fix basket of goods 2- CPI= cost in current year / cost in base year x 100 3-...
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