Importance of GDP

Importance of GDP - PRINCIPLES OF MACROECONOMICS WHAT IS...

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PRINCIPLES OF MACROECONOMICS WHAT IS GDP & WHY DOES IT MATTER? 2 Foster
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GDP (Y) = C + I + G + NX
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Spring 2010 4 Foster US GDP (current dollars) 2008
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Spring 2010 5 Foster World GDP Rankings 2008 (in millions of current US dollars)
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Spring 2010 6 Foster World GDP (current dollar) Rankings 2008
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Spring 2010 7 Foster China GDP (current dollars) 2008
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Spring 2010 8 Foster NGDP Ranking Country NGDP 1 US $14.2T 2 Japan $4.91T 3 China $4.33T 4 Germany $3.65T 5 France $2.85 What Difference Does Population Make? Population 299mm 127mm 1329mm 82mm 62mm
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Spring 2010 9 Foster NGDP Ranking Country 1 US 2 Japan 3 China 4 Germany 5 France What Difference Does Population Make? Per Capita NGDP Ranking Per Capita NGDP 13 $47,440 16 $46,037 19 $44,729 23 $38,457 104 $3,259
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Spring 2010 10 Foster
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Spring 2010 11 Real versus Nominal GDP Inflation can distort economic variables like GDP, so we have two versions of GDP: One is corrected for inflation, the other is not. Nominal GDP (current dollar GDP) values output using current prices. It is not corrected for inflation.
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This note was uploaded on 02/28/2011 for the course ECON 011 taught by Professor Yezer during the Spring '07 term at GWU.

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Importance of GDP - PRINCIPLES OF MACROECONOMICS WHAT IS...

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