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1 page/≈275 words
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Style:
APA
Subject:
Mathematics & Economics
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Case Study
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English (U.S.)
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MS Word
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$ 4.32
Topic:

Nominal and Real GDP

Case Study Instructions:

Nominal GDP and real GDP—Both up? Visit the Bureau of Economic Analysis Web site, www(dot)bea(dot)gov, and access the BEA interactively by selecting "National Accounts" and then "National Income and Product Account Tables." Select "Frequently Requested NIPA Tables," and use Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters. Why was nominal GDP greater than real GDP in each of those quarters? What were the percentage changes in nominal GDP and real GDP for the most recent quarter? What accounts for the difference?

Case Study Sample Content Preview:

Nominal and Real GDP
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Nominal and Real GDP
The nominal growth domestic product is described as the GDP figure that has not been adjusted to deal account for inflation. The real GPP, on the other hand, is the real figure that has been adjusted to account for inflation. The nominal values for different periods differ due to the changes in goods and services, as well as, the price level. Taking into account the price levels at different periods is essential in comparing the situations economically. This paper will look at why the nominal GDP was higher than the real GDP, the percentage changes and what accounted for those changes (Mankiw, 2011).
The GDP deflator index is used in analyzing the impact of the changes in price in an entire economy. It helps in monitoring the change in the patterns of consumption, and the introduction of new goods and services in the market. The changes in the level of pricing, as well as, in the patterns of consumption accounts for the changes in the nominal and real growth domestic pro...
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