Exam1 - Flashcards(2) - GDP The amount that GDP would...

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Nominal GDP Inflation
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Can distort economic variables like GDP. Values output using current prices.
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Real; Nominal Real GDP
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Values output using the prices of a base year. ____ GDP is corrected for inflation, while ____ GDP is not.
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Real Nominal
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GDP that uses the (then) current prices. GDP that uses constant prices from the base year.
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Quantities Prices and Quantities
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Affected by nominal GDP. Affected by real GDP.
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Inflation Rate Change in Real
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Unformatted text preview: GDP The amount that GDP would change if prices were constant (i.e. zero inflation). The percent increase in the GDP deflator from one year to the next. Nominal GDP Economys Growth Rate Percent change in real GDP from one period to the next. Equal to real GDP for the base year. Real GDP Per Capita 100 GDP deflator for the base year. The main indicator of the average persons standard of living....
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This note was uploaded on 08/30/2011 for the course ECO 2013 taught by Professor Barbaramoore during the Spring '08 term at University of Central Florida.

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Exam1 - Flashcards(2) - GDP The amount that GDP would...

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